'Seven Billionaires I Know Have Already Left' — Luxury Real Estate Broker Josh Altman Says California's 5% Wealth Tax Risks A 'Trickle-Down Effect'

February 23, 2026 - 06:21

A proposed 5% wealth tax on California residents worth more than $1 billion is drawing sharp criticism from business leaders, with luxury real estate broker Josh Altman warning of a growing exodus. Altman claims firsthand knowledge of several ultra-wealthy individuals already relocating due to the potential policy.

"Seven billionaires I know have already left," Altman stated in a recent interview, suggesting the measure could trigger a broader "trickle-down effect" detrimental to the state's economy. The proposed tax would be a one-time levy, with payments structured over five years beginning in 2027, according to official state analysis.

The debate centers on the long-term fiscal and economic impact. Proponents argue it is a necessary tool for addressing inequality and generating significant revenue for state programs. Opponents, however, contend it will drive away top earners, ultimately reducing the overall tax base and harming businesses and employment that rely on their spending and investments. The measure would require voter approval, ensuring the controversy will remain a central topic in California's economic policy discussions.