加利福尼亚拟议的一次性财富税引发了超高净值人群的强烈反应。该提案对亿万富翁征收5%的财富税，并可能追溯生效，促使部分人考虑在年底前迁出州外。拉里·佩奇的净资产自2019年约500亿美元增长至约2600亿美元，据报道他在迈阿密购置了价值超过1.7亿美元的房产。该税将适用于约250名亿万富翁，需通过约87.5万个签名才能进入11月公投。

从绝对金额看，税负巨大，但相对比例有限。以估值约7160亿美元的埃隆·马斯克为例，5%的税约为360亿美元，缴纳后仍剩约6800亿美元。相比之下，许多中等收入群体的有效税率更高。全国层面的替代方案是“超级百万富翁税法案”，对超过5000万美元的家庭征收2%，对超过10亿美元部分加征1%，但通过前景渺茫。反对者担心资本外流和创新受损，支持者则强调不平等程度与税制公平。

宏观背景强化了政治压力。美国经济呈K型分化，选民对富人低税负的容忍度下降。批评者指出，财富税设计粗糙，可能迫使抛售股票或刺激迁移，从而削弱税基；但支持者认为，公投绕过游说力量，是撬动巨额财富的少数工具之一。对比之下，英伟达联合创始人黄仁勋净资产约1550亿美元，若税案通过需缴约80亿美元，但其表态并未动摇，认为硅谷的人才与长期回报远高于短期税负。

California’s proposed one-time wealth tax has triggered intense reactions from the ultra-rich. The initiative would levy a 5 percent tax on billionaires’ net worth, potentially retroactive, prompting some to consider leaving the state before year-end. Larry Page’s net worth has risen from about $50 billion in 2019 to roughly $260 billion, and he reportedly spent more than $170 million on homes in Miami. The tax would apply to about 250 billionaires and requires roughly 875,000 signatures to appear on the November ballot.

In absolute terms the sums are large, but the relative burden is limited. For example, Elon Musk, with an estimated net worth of $716 billion, would owe about $36 billion under a 5 percent levy and still retain around $680 billion. Many middle-income workers face higher effective tax rates. A national alternative, the Ultra Millionaire Tax Act, proposes a 2 percent tax on wealth above $50 million with a 1 percent surtax over $1 billion, but its chances of passage are slim. Critics warn of capital flight and damage to innovation, while supporters emphasize inequality and fairness.

The broader context heightens political pressure. A K-shaped economy has reduced voter tolerance for low taxes on extreme wealth. Opponents argue the tax is blunt, could force asset sales, and may shrink the tax base through relocation; advocates counter that ballot initiatives bypass lobbying and are among the few tools capable of extracting revenue from vast fortunes. By contrast, Nvidia cofounder Jensen Huang, worth about $155 billion and facing an estimated $8 billion bill if passed, has shown little concern, arguing that Silicon Valley’s talent pool and long-term returns outweigh short-term tax costs.