Tipsheet

Steven Spielberg Flees California Before Its Billionaire Wealth Tax Fleeces Him

Amy Curtis
Amy Curtis  |  February 20, 2026 3:45 PM

We can add director Steven Spielberg to the list of uber-wealthy Californians who voted to drive their state into the ground, only to pull up stakes and leave the burning wreckage behind. California is planning to enact a 5% "wealth tax" on the richest Californians — not on their income, but on their net worth. Because of that, several billionaires have already left the state. 

Last fall, we learned that actor George Clooney, after voting in a way that led to L.A. burning to the ground, decided to raise his children in France instead.

Here's more:

Steven Spielberg, phone home!

The legendary “E.T.” director and California resident has moved to Manhattan amid a billionaire exodus from the Golden State — as voters eye a controversial wealth tax.

But the move, first reported by the LA Times, allegedly had nothing to do with the 2026 Billionaire Tax Act.

“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,” spokeswoman Terry Press said.

Press did not answer queries about Spielberg’s stance on the proposed tax, which would slap a one-time 5% tax on individual fortunes exceeding $1 billion.

The tax, if approved by voters in November, would apply retroactively to the beginning of this year.

Proponents argue it will raise tens of billions of dollars to go toward the state’s health care shortfalls, while opponents — including Gov. Gavin Newsom — argue it’ll force skinflint billionaires to leave the state.

Right, the timing on this is so questionable.

And we'll see what Spielberg does when Mamdani enacts his billionaire tax plan in Manhattan. We're going to guess the entire Spielberg clan will relocate to a low-tax red state if and when that happens.

The hypocrisy of the Left is astounding. They want all of us to pay more taxes, but they do whatever they can to avoid paying more of their own money.

That would be a better sequel than both "Kingdom of the Crystal Skull" and the "Dial of Destiny."

That, or they'll tax you when you leave their prison-states.

Well played.

And when they get to red states, they vote for the same policies. Wash, rinse, repeat.

Only to head to a state with increasingly worse Democrat policies.

Spielberg has a net worth of $5.3 billion. He earned that wealth through being one of the most prolific and influential directors in Hollywood. But he also voted, knowingly, for politicians who vowed to wage war on billionaires and who haven't met a person, place, thing, or idea they didn't want to tax into oblivion. Spielberg had no problem with other, less wealthy Americans paying their "fair share," but now that his ox is gored, he's fleeing the policies he helped enact.