Legendary filmmaker Steven Spielberg is following within the footsteps of fellow billionaires by leaving California for a brand new residence. The director of classics like Jaws, ET, Jurassic Park and Oscar winners Schindler’s Listing and Saving Non-public Ryan will reportedly transfer throughout the nation to New York Metropolis. And his choice to go away the Golden State comes simply months earlier than a proposed wealth tax is ready to make an affect in California. (Picture: Rodin Eckenroth/FilmMagic)
The proposed Billionaire Tax Act would require state residents whose web value exceeds that quantity to pay a one-time tax totaling 5% of their wealth. The director and his 34-year-old spouse Kate Capshaw have bought a property in New York Metropolis’s iconic San Remo co-op, overlooking Central Park, Every day Mail reviews. The co-op is a well-liked movie star attraction, with Warren Beatty, Tiger Woods, Bono and Mick Jagger amongst among the large names who’ve houses there. Though life there is not low cost, with homes costing between $5 million (£3.6 million) and $25 million (£18.9 million). (Picture: Lia Toby/Getty Photos for BFI)
And based on his spokesperson, Spielberg – who can be a producer of the Oscar favourite Hamnet – made the transfer to be nearer to his household. The 72-year-old is a father of seven and grandfather of six, and shares his blended household with Capshaw. The couple are mother and father to daughter Sashas and Future and son Sawyer, in addition to adopted daughter Mikayla. Capshaw adopted a son, Theo, earlier than marrying the director and a stepdaughter, Jessica, who is known in her personal proper for her function as Arizona Robbins on Gray’s Anatomy. Spielberg has a son, Max, from his first marriage to actress Amy Irving. (Picture: Taylor Hill/FilmMagic)
Chatting with the Los Angeles Instances, Terry Press stated: ‘Steven’s transfer to the East Coast has been each long-planned and pushed purely by his and Kate Capshaw’s want to be nearer to their New York-based youngsters and grandchildren.’ In accordance with the newspaper, he formally turned an East Coast resident as of January 1, 2026, whereas his manufacturing firm Amblin Leisure has now additionally opened an workplace in New York Metropolis. Spielberg’s subsequent movie, the sci-fi blockbuster Disclosure Day, will probably be launched on June 12. (Picture: Eric Charbonneau/Focus Options by way of Getty Photos)
His spokesperson made no additional remark when requested concerning the filmmaker’s place on wealth taxes. In latest months, the likes of Fb co-founder Mark Zuckerberg and Google co-founder Sergey Brin have additionally uprooted and moved elsewhere, sparking hypothesis that the proposed tax could possibly be accountable. (Picture: Los Angeles Instances by way of Getty Picture)
Zuckerberg and his spouse Priscilla Chan not too long ago bought a $150 million waterfront mansion on Indian Creek Island, a gated neighborhood in South Florida that can be residence to Ivanka Trump and her husband Jared Kushner, in addition to Amazon founder Jeff Bezos. His spokesperson didn’t reply to the query of whether or not it is a measure to keep away from the billionaires’ tax. (Picture: Getty Photos)
In accordance with Forbes, California has extra billionaires than another state within the US. Greater than 255 individuals dwell there with a fortune of greater than 1 billion {dollars} (738 million {dollars}), of which greater than 80 will probably be on the Forbes 400 record in 2025. (Picture: Getty Photos)
The proposed introduction of the wealth tax would act as an try to recoup cash for important providers reminiscent of schooling and well being care, with some arguing it’s essential to make up for Donald Trump’s One Huge Stunning Invoice and cuts to Medicaid. Nevertheless, these against the wealth tax have stated it might lead residents to promote companies or transfer out of California altogether, reasonably than pay the cash. The invoice will probably be voted on in November; If it goes by means of, billionaires dwelling in California can be affected retroactively from January 1, 2026. (Picture: Getty Photos)
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