Spielberg Moves to New York as California Billionaire Tax Looms
Steven Spielberg became a New York resident on Jan. 1 as a proposed one-time 5% wealth tax on Californians over $1 billion advances toward a ballot vote.
Overview
Steven Spielberg and his wife, Kate Capshaw, became New York residents on Jan. 1, and his production company Amblin Entertainment opened an office in New York City the same day.
The timing coincides with a proposed one-time 5% wealth tax on California residents worth $1 billion or more that proponents say would take effect in 2027 and that the proposal says would apply to residents on Jan. 1, 2026.
Spielberg's spokesperson Terry Press said the move was long-planned and intended to be closer to their New York-based children and grandchildren and denied a connection to the proposed tax.
Estimates put Spielberg's net worth roughly at $5.3 to $7.1 billion, with a 5% levy on $7.1 billion estimated at about $355 million, and proponents saying the proposal could raise roughly $100 billion.
The measure has not yet qualified for the November ballot, and if approved it could take effect in 2027 with taxpayers able to spread payments over five years, the Legislative Analyst's Office said.
Analysis
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Sources (3)
FAQ
California has a proposed one-time 5% wealth tax on residents worth $1 billion or more that would take effect in 2027[1]. The measure would apply to anyone who was a California resident on January 1, 2026, and proponents estimate it could raise approximately $100 billion[1]. If approved by voters, taxpayers would be able to spread payments over five years[1].
Spielberg's net worth is estimated between $5.3 billion and $7.1 billion according to Forbes[1]. With the proposed 5% wealth tax, his liability on the higher estimate would be approximately $355 million[1].
No. Spielberg's representative Terry Press stated that the move was long-planned and driven by Spielberg and Kate Capshaw's desire to be closer to their New York-based children and grandchildren[1]. Press declined to comment on Spielberg's position regarding the wealth tax initiative[1].
Steven Spielberg and Kate Capshaw officially became New York residents on January 1, 2026, relocating to the San Remo co-op on Central Park West in Manhattan[1]. On the same day, his production company Amblin Entertainment opened an office in New York City[1].
No, the measure has not yet qualified for the November ballot as of the article's reporting[1]. The proposal would need voter approval to become law[1].
History
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