National News

Steven Spielberg moves from California to New York amid tax speculation

Published

3 hours ago

February 20, 2026

MM Team

O’Leary Ventures Chairman Kevin O’Leary Joins ‘Varney & Co.’ to debate California’s proposed billionaires tax, the rising exodus of wealth from blue states, and why America is falling behind China within the AI energy race.

Some of the acclaimed and profitable American filmmakers in historical past has left California for New York.

In response to a report from the Los Angeles Instances, Steven Spielberg and his spouse Kate Capshaw formally turned residents of New York on January 1. The couple moved into the San Remo co-op on Manhattan’s Central Park West, which was beforehand dwelling to celebrities similar to Bono, Mick Jagger, Warren Beatty and Tiger Woods.

On the identical day Spielberg reportedly established a residency, his manufacturing firm Amblin Leisure opened an workplace in New York Metropolis, marking a notable transition away from Hollywood.

Spielberg has owned properties on each the east and west coasts since at the least the mid-Nineteen Nineties.

TOP DEMS SANDERS AND REICH INCREASE BILLIONAIRE TAX PUSH, SAY DRIVERS HAVE ‘ADDICTION’ TO GREED

Hypothesis surrounding the timing of the transfer could possibly be linked to a proposed one-time 5% wealth tax on California residents price $1 billion or extra. Though it has not but certified for the November poll, the proposal — backed by the Service Staff Worldwide Union – United Healthcare Employees West — would take impact in 2027 and permit taxpayers to unfold funds over 5 years, with further prices, based on the Legislative Analyst’s Workplace.

Steven Spielberg arrives on the purple carpet for the Oscars Nominees Luncheon at The Beverly Hilton on Tuesday, February 10, 2026. (Getty Pictures)

If the measure is accepted by voters, anybody dwelling in California on Jan. 1, 2026, would owe the tax below the proposal.

Nevertheless, Spielberg’s consultant stated the transfer shouldn’t be associated to the potential tax.

“Steven’s transfer to the East Coast has been each long-planned and pushed purely by his and Kate Capshaw’s need to be nearer to their New York-based kids and grandchildren,” spokesperson Terry Press informed the Los Angeles Instances.

Steve Moore, co-founder of Unleash prosperity, and EJ Antoni, chief economist of the Heritage Basis, focus on Bernie Sanders’ push for a billionaires tax in California in “The Backside Line.”

The Press additionally declined to touch upon Spielberg’s place relating to the wealth tax initiative.

If the measure passes, it could possibly be troublesome to find out who qualifies as a California resident. The state Franchise Tax Board considers a number of elements when assessing residency, together with voter registration, time spent in California, driver’s license issuance, car registration, the situation of a partner and kids, and social ties similar to spiritual establishments or nation golf equipment.

It’s not publicly identified how Spielberg’s transfer would have an effect on potential publicity if the measure have been to cross, however with a internet price estimated by Forbes at $7.1 billion, he could possibly be anticipated to pay Golden State about $355 million.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

FOX Enterprise Correspondent Lydia Hu Describes New York Mayor Zohran Mamdani’s Name for Tax Hikes on Rich New Yorkers and Extra on ‘Varney & Co.’

Born in Ohio, Spielberg lived in a number of states earlier than transferring to California and attending California State College, Lengthy Seashore, the place he later left to signal a contract with Common Studios.

His most impactful movies embody titles similar to ‘Schindler’s Listing’, ‘Jaws’, ‘Jurassic Park’, the ‘Indiana Jones’ franchise, ‘Saving Personal Ryan’ and ‘Catch Me If You Can’.

READ MORE FROM FOX BUSINESS