Google co-founder Larry Page is reportedly adjusting his business structures by moving assets out of California in response to concerns over a proposed wealth tax in the state. According to TechCrunch, Page has begun reincorporating various entities such as his family office, research company, aviation firm, and flying car startup in Delaware.
This move follows reports suggesting Page’s intention to leave California due to the potential tax implications. The proposed tax, aiming to levy a 5% tax on individuals with assets exceeding $1 billion, has also drawn criticism from other prominent figures like David Sacks, Palmer Luckey, and Alexis Ohanian.
While the primary focus remains on the shifting of Page’s business assets, this situation underscores the impact of tax policies on tech industry leaders and their strategic decisions. It highlights how high-profile individuals navigate tax environments and adapt their business structures to align with changing regulatory landscapes.
Source: TechCrunch