For years, Hollywood elite Steven Spielberg has been one of the biggest cheerleaders for the radical Left, dumping millions into Democrat coffers and supporting the very “progressive” policies that have turned California into a high-tax, crime-ridden wasteland.
Reports are surfacing that Spielberg is officially ditching the Golden State just as Governor Gavin Newsom and his Marxist allies in Sacramento push for a massive, one-time 5% wealth tax on billionaires.
For a man worth an estimated $7.1 billion, that’s a whopping $355 million check he’d have to write to the state.
According to multiple reports, Spielberg and his wife, actress Kate Capshaw, became official residents of New York City on January 1, 2026, after leaving their longtime home base in California.
The timing is raising serious questions and for good reason.
California’s far left is currently pushing a controversial “Billionaire Tax Act” that would slap a one-time 5% wealth tax on residents with a net worth exceeding $1 billion.
The proposed measure could impact more than 200 billionaires living in the state and is being considered for the November 2026 ballot.
Spielberg’s spokesperson told the LA Times that the move was “long-planned” and solely about being “closer to grandchildren” in New York.
Fox News reported:
Steven Spielberg and his wife, Kate Capshaw, officially became New York residents on Jan. 1, according to a report by the Los Angeles Times. The couple relocated to the San Remo co-op on Central Park West in Manhattan, which has previously housed celebrities including Bono, Mick Jagger, Warren Beatty and Tiger Woods.
On the same day that Spielberg reportedly established residency, his production company Amblin Entertainment opened an office in New York City, marking a notable transition away from Hollywood.
[…]
Speculation around the timing of the move can be linked to a proposed one-time 5% wealth tax on California residents worth $1 billion or more. While it has not yet qualified for the November ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would take effect in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.
[…]
“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,” spokesperson Terry Press told the Los Angeles Times.
Press also declined to comment on Spielberg’s position regarding the wealth tax initiative.
If the measure passes, determining who qualifies as a California resident could be complex. The state’s Franchise Tax Board considers multiple factors when evaluating residency, including voter registration, time spent in California, driver’s license issuance, vehicle registration, the location of a spouse and children, and social ties such as religious institutions or country clubs.
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