Few figures are as synonymous with Hollywood quite like director Steven Spielberg.
From “Jaws” to “E.T.” to countless others, the 79-year-old Spielberg’s penchant for movie-making has helped the longtime director carve out a legendary career in Hollywood — and a small fortune.
Given Spielberg’s association with Tinseltown, it should be little surprise that he’s also quite connected with the state that Hollywood is located in — California.
Well, that connection appears to have been severed.
Spielberg has officially taken his talents to New York (or Manhattan, to be more specific) amid a broader “billionaire exodus” happening in the Golden State, according to the New York Post.
The outlet reported that Spielberg’s departure comes amid other prominent billionaires eyeing greener pastures.
The Los Angeles Times, for instance, noted that Meta founder Mark Zuckerberg is looking to move to Florida. Billionaire Elon Musk, meanwhile, has been systematically moving all of his businesses out of California.
Other notable billionaire departures from California include In n Out Burger heiress Lynsi Snyder, tech mogul Peter Thiel, and White House advisor David Sacks, per the New York Post.
The reason they’re fleeing the Golden State, including its sunny weather and impeccable beaches?
Many are presuming that they’re all leaving ahead of a November vote that could hit California billionaires with a controversial “wealth tax.”
If approved, this tax would be a one-time 5 percent tax on billionaires, which would apply retroactively to this year.
Should this come to pass, California expects a $100 billion windfall, which it would apply to healthcare issues and some education programs in the state.
Interestingly enough, the LA Times noted that the issue has split the Democratic Party.
Sen. Bernie Sanders — technically an independent, but is for all intents and purposes a Democrat — unsurprisingly loves this proposal, and is pushing hard for it.
California Gov. Gavin Newsom, meanwhile, opposes this tax for fear of the exact problem outlined above: Billionaires leaving in droves — along with the taxes they already pay.
However, Spielberg — who is a true, blue Democrat — claims this isn’t why he’s leaving.
“Steven’s move to the East Coast is both long-planned and driven purely by his and Kate Capshaw’s desire to be closer to their New York based children and grandchildren,” Spielberg representative Terry Press said.
Press did not, however, answer any questions about Spielberg’s thoughts on this wealth tax that’s scaring away his fellow billionaires.
Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.
