Sergey Brin and Larry Page have moved parts of their business and personal structures out of California as a proposed ballot measure that would impose a one time wealth tax on billionaires advances toward a public vote.
Changes To Brin And Page Holdings
The New York Times reported that in December, 15 limited liability companies linked to Brin were either terminated or converted into Nevada based entities. Those companies include firms that manage one of his superyachts and his stake in a private terminal at San Jose International Airport.
The paper also said that 45 limited liability companies associated with Page have recently become inactive or relocated out of state. In addition, a trust linked to Page purchased a $71.9 million mansion in Miami this week.
Proposed California Wealth Tax
California voters are considering a ballot initiative that would apply a one time 5 percent tax on individuals with a net worth above $1 billion. If the measure qualifies for the November ballot and is approved, it would apply retroactively to anyone who was a California resident as of January 1 this year.
The New York Times said Brin and Page both still own homes in California, but the recent changes to their corporate and trust structures suggest efforts to reduce exposure to the proposed tax.
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