Legendary director Steven Spielberg abandons California as debate over billionaire tax heats up

Steven Spielberg and his wife, Kate Capshaw, have left California and moved to Central Park West in Manhattan as politicians argue whether a billionaire tax will hurt the Golden State.

The legendary director became a resident of the Empire State as of Jan. 1, according to a Los Angeles Times report.

‘The billionaire class cannot have it all. This nation belongs to all of us.’

Spielberg’s relocation is sparking more fears about a tax proposal that has already driven out other billionaires, including Peter Thiel and others.

“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,” said spokeswoman Terry Press to the Times.

The one-time tax has not yet qualified for the ballot, but if it passes, it would go into effect in 2027. It would apply to residents worth $1 billion or more.

The debate over the union-backed tax has led even some Democrats to back off from the proposal. Opponents say it will drive billionaires out of the state and potentially cripple tax revenues.

Although Spielberg denied that the billionaire tax has anything to do with his exit, he left the state just in time to avoid the tax, which would apply to those who were residents of California on Jan. 1, 2026.

Spielberg is estimated to be worth about $7.1 billion, which means he’d have to pay the state of California about $355 million if the tax passed.

His move was first reported by the New York Times.

Among those pushing the bill is independent Sen. Bernie Sanders of Vermont, who visited Los Angeles to advocate for it.

“Enough is enough,” said Sanders. “The billionaire class cannot have it all. This nation belongs to all of us.”

RELATED: LA Times gets obliterated online for scolding people wanting to leave high-tax California

Spielberg’s spokeswoman also refused to indicate whether he had any opinion on the possible tax.

Spielberg is known for numerous popular movies including “Schindler’s List,” “Jaws,” “Jurassic Park,” “Saving Private Ryan,” “Catch Me if You Can,” and the “Indiana Jones” franchise.

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