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California billionaires give away fortunes to avoid proposed billionaire tax

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California billionaires give away fortunes to avoid proposed billionaire tax

Rather than hand over their fortunes to the California state government, wealthy Californians are finding creative, tax-efficient ways to minimize potential billionaire-tax impact — including giving their money away.

Some high-net-worth residents in the Golden State are intentionally reducing their balance sheets through philanthropy or real estate strategies because they do not trust Sacramento to spend their tax dollars effectively, according to a recent Wall Street Journal report.

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“People take steps to take advantage of the tax law before it changes all the time. This is just another example of that,” HCVT partner and advisor Andrew Katzenstein told The Journal, adding that he is working with multiple clients to help them navigate the proposed wealth tax.

In April, the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it had collected more than 1.55 million signatures, according to a press release — nearly double the 875,000-signature requirement — to put a one-time tax on billionaire assets on the California ballot.

FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’

The California Billionaire Tax Act would target the net worth of roughly 200 residents and impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

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Shoppers on Beverly Hills' Rodeo Drive

Shoppers visit Rodeo Drive in Beverly Hills, California, on Saturday, July 12, 2025. (Getty Images)

If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax.

For those who did not move their primary residence by that deadline, they and their financial teams are working to reduce client valuations below the $1 billion mark, including by ramping up charitable donations, as clients would “rather their money go to charities that… do good work than to California’s government, which [they don’t] trust to use the funds effectively,” The Journal wrote.

Other methods aimed at minimizing the tax burden include restructuring balance sheets entirely, delaying private funding rounds and pulling real estate holdings out of corporate LLCs and placing them directly under personal names or revocable trusts to legally shield their property.

Wealthy residents are also considering purchasing expensive tangible assets, such as art and yachts, while keeping them outside California for at least 270 days per year to legally avoid the tax.

“I like to tell my students this maxim of tax-planning: Pigs get fed, hogs get slaughtered,” University of Missouri law professor David Gamage told The Journal. “You can often get away with some amount of restructuring affairs, but if you go too far and get too greedy, you can get in trouble.”

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Some of the public figures who moved their residences or businesses out of California before Jan. 1, 2026, include Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Peter Thiel, Steven Spielberg, Uber co-founder Travis Kalanick and car loan magnate Don Hankey.

The majority of California voters — about 54% — generally support the billionaire tax, according to a May poll by the Public Policy Institute of California.

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Struggling Pizza Hut chain to be sold for $2.7bn

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Struggling Pizza Hut chain to be sold for $2.7bn

The decision comes after a prolonged period of difficulty for the chain, which has faced increasing competition from a range of rivals.

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Mexican Search Team Resumes Nancy Guthrie Hunt After Anonymous Tip Yields No Remains

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TUCSON, Ariz. — A Mexican volunteer search group is pressing forward with efforts to locate Nancy Guthrie, the 84-year-old Arizona woman who vanished from her Tucson home more than four months ago, despite an anonymous tip leading to an exhaustive but unsuccessful search last week.

Buscando Corazones Nogales confirmed it spent several days combing a remote area near Nogales following the tip suggesting Guthrie’s remains may have been buried in a shallow grave. The group reported coming up empty-handed in its attempt to find her, but members remain undeterred and plan to resume operations on Tuesday in two new locations within the same general region.

The vast and challenging terrain has made the searches difficult, yet the organization continues to dedicate resources to the cross-border effort. Previously, during May operations in the area, volunteers uncovered more than 25 unmarked graves and recovered at least 32 sets of human remains, though none have been linked to Guthrie.

Nancy Guthrie disappeared from her Catalina Foothills home between Jan. 31 and Feb. 1. Surveillance footage released early in the investigation showed an unidentified masked individual appearing to tamper with a doorbell camera at her residence, one of the few concrete leads suggesting possible foul play. The case has drawn national attention, partly due to her daughter Savannah Guthrie, co-anchor of NBC’s “Today” show.

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The family continues to offer a $1 million reward for credible information leading to her recovery, one of the largest such rewards in recent missing persons cases. Authorities have described the investigation as active and ongoing, with coordination between the Pima County Sheriff’s Department, the FBI and Mexican counterparts.

Search Efforts and Cross-Border Challenges

Buscando Corazones Nogales has become a key player in the search, focusing on remote desert and border areas where tips have directed attention. The group’s persistence highlights the difficulties of locating remains in rugged terrain that spans international boundaries. Officials have cautioned that unverified tips require careful forensic validation before any conclusions can be drawn.

The latest search followed an anonymous message claiming Guthrie’s remains may have been buried near Nogales. While the effort did not yield results connected to her case, the discovery of additional unmarked graves underscores the broader humanitarian issues in the region, where migrant deaths and other disappearances have been documented.

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Pima County, where Guthrie lived, recently experienced a statewide 911 outage that complicated emergency communications. The disruption added another layer of complexity during a period of heightened public interest in the case. Local residents have also expressed frustration over increased amateur investigations and foot traffic near the family property, leading to complaints and at least three arrests of YouTubers in recent days.

Authorities have stressed that these incidents are unrelated to Guthrie’s disappearance itself. The Pima County Sheriff’s Department and FBI continue to urge the public to report credible information through official channels rather than engaging in independent searches that could compromise evidence or endanger participants.

Investigation Status and Family Appeal

The case remains unsolved more than four months after Guthrie’s disappearance. Her age and medical conditions, including the use of a pacemaker and daily medication, have led experts to view voluntary disappearance as highly unlikely. DNA evidence from the scene has been processed, but public details remain limited to protect the active investigation.

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The Guthrie family has maintained hope while appealing for public assistance. Savannah Guthrie and other relatives have spoken publicly about the emotional toll and their commitment to finding answers. The $1 million reward remains active, generating tips but also requiring significant vetting by authorities.

Cross-border coordination adds layers of complexity due to differing legal systems and resource constraints. Mexican authorities have assisted with searches in response to tips, but formal verification processes can be time-consuming. Officials continue to assess new information, including the latest anonymous tip, through established channels.

Community and Media Attention

The case has attracted significant media coverage and amateur interest, with livestreamers and online investigators visiting the Tucson neighborhood. This attention has led to both helpful tips and challenges for law enforcement, including complaints from residents about privacy intrusions and safety concerns.

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Three YouTubers were arrested outside Guthrie’s home in recent days following neighbor complaints and an incident involving a sergeant. One individual faces charges of resisting arrest and public nuisance. Authorities have repeatedly emphasized that these arrests are not connected to the disappearance investigation.

The prolonged uncertainty has kept the case in the public eye, with yellow ribbon campaigns and community vigils continuing in the Tucson area. Support for the family remains strong, though the passage of time without resolution has added emotional weight for loved ones and investigators alike.

Challenges in Missing Persons Cases

Cases like Guthrie’s illustrate the difficulties of investigating disappearances without immediate witnesses or clear digital trails. The cross-border element further complicates efforts, requiring international cooperation and specialized resources for terrain searches.

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Experts note that as time passes, the focus often shifts toward building circumstantial evidence for potential foul play while maintaining hope for a safe return. The $1 million reward has generated leads but also false information, requiring careful prioritization by investigators.

For the Guthrie family, the ongoing searches provide a sense of continued momentum even when specific tips do not yield immediate results. Volunteer groups like Buscando Corazones Nogales represent grassroots efforts that supplement official investigations, though authorities caution against unauthorized activities that could interfere with professional work.

Path Forward

As the search resumes in new locations, authorities and volunteers will continue methodical efforts across the challenging border region. The family’s reward and public appeals remain active tools for generating information.

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Pima County Sheriff’s Department officials have described the investigation as active, with all credible leads being pursued. Coordination with federal partners and Mexican authorities continues, with emphasis on forensic verification of any potential discoveries.

The latest developments in the Nancy Guthrie case reflect both the persistence of those seeking answers and the profound challenges of such investigations. While the most recent tip did not produce results, the commitment to continued searching underscores the determination to resolve the mystery surrounding her disappearance.

Anyone with information is urged to contact the Pima County Sheriff’s Department or the FBI. As the investigation enters its fifth month, the focus remains on methodical progress and respect for the family’s privacy during an extraordinarily difficult time.

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Small business profits rising despite challenges in the economy, Sage survey says

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The Sage SME Performance Pulse also highlighted continuing problems from late payments

Sage offices at Cobalt Business Park in North Tyneside

Sage offices at Cobalt Business Park in North Tyneside(Image: Newcastle Chronicle)

A survey by Tyneside technology giant Sage has pointed to increased profitability in the SME sector, but warns that late payment continues to be a major problem for many smaller firms.

The Sage SME Performance Pulse, which draws on accounting data from nearly 150,000 SMEs around the UK, found profit growth has accelerated consistently over recent quarters, reaching its highest level since early 2022. Sage’s data suggests profits grew by 7.4% in the year to Q1 2026, up from 5.5% the previous quarter.

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Sage said that SME growth remains broad-based across the UK, with the East Midlands seeing the highest growth and SME profits in the North increasing by 3.4%. It said strong performances were seen in the manufacturing, professional services, technology and finance sectors.

Sage has in recent years set itself up as a champion of the small business sector, which makes up much of the client base for its accounting software and other technologies.

Derk Bleeker, chief commercial officer at Sage, said: “The UK’s small business community continues to demonstrate extraordinary resilience to adapt and grow. The fact that profitability has reached its highest level in four years is a testament to the determination and ingenuity of business owners across the country. It also highlights the opportunity that exists to help SMEs build on this momentum and unlock even greater growth in the years ahead.”

But Sage’s survey has also highlighted how late payments remain a significant issue for many small firms. Nearly half of all SME invoices (49%) are overdue, the survey found, with businesses waiting an average of 27 days to receive payment after issuing an invoice. The delays are creating a ripple effect across the economy, with SMEs themselves now taking an average of 37.1 days to pay supplier invoices, up from 31.9 days in the first quarter of 2025.

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Emma Jones, the Government’s Small Business Commissioner, said: “Sage’s data shows that more needs to be done to tackle late payments, with too many small businesses still waiting weeks to be paid. That’s why action to improve payment practices is so important. It gives firms greater certainty over their cash flow and the confidence to invest, hire and grow. Tackling late payments isn’t just about fairness; it’s essential to unlocking the full potential of the UK’s small businesses.”

Separately, Sage and its partner Village Capital have awarded 12 grants totalling £141,000 to entrepreneurs from the second cohort of the Sage Impact Entrepreneurship programme.

The programme supports under-represented businesses addressing pressing challenges and has recognized two Newcastle firms: Recovolt, which develops infrastructure to safely neutralise end-of-life EV, and METZero, a wastewater technology company that retrofits treatment sites with a solution that cuts pollution and energy.

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Automobiles, electrical machinery push sales of listed private manufacturing companies in Q4: RBI data

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Automobiles, electrical machinery push sales of listed private manufacturing companies in Q4: RBI data
Sales of over 1,800 listed private manufacturing companies expanded by 14.5 per cent in the fourth quarter of 2025-26, mainly driven by automobiles, electrical machinery and non-ferrous metals industries, according to RBI data released on Tuesday.

At the aggregate level, listed private non-financial companies continued to record a double-digit sales growth of 13.9 per cent during the January-March period of 2025-26, up from 10.1 per cent in the previous quarter.

The Reserve Bank of India (RBI) released the data on the performance of the private corporate business sector during the fourth quarter of 2025-26, drawn from abridged quarterly financial results of 3,266 listed non-government non-financial companies.

“Sales of 1,817 listed private manufacturing companies expanded by 14.5 per cent (y-o-y) during Q4:2025-26, as compared to 11.4 per cent in the previous quarter,” the RBI said.

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This acceleration was mainly driven by automobiles, electrical machinery and non-ferrous metals industries, it added.


RBI further said sales growth of Information Technology (IT) companies continued to improve further to 9.9 per cent YoY during Q4 of 2025-26 from 8.8 per cent in the previous quarter.
On the other hand, expansion in sales growth of non-IT services companies improved substantially to 20.3 per cent from the previous quarter, mainly driven by the wholesale and retail trade industry.RBI also said that with global uncertainties, raw material expenses of manufacturing companies rose substantially by 18.3 per cent YoY during Q4FY26.

Raw material to sales ratio also increased to 58.5 per cent during the January-March quarter from 57.5 per cent in the previous quarter, indicating input cost pressure.

The staff cost growth of manufacturing companies moderated to 9.8 per cent YoY during Q4FY26, compared to the previous quarter.

Within the services sector, the staff cost growth for non-IT services companies rose at a higher pace, while it remained broadly similar for IT companies during the fourth quarter as compared to the previous quarter.

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On a sequential basis, the operating profit margin of manufacturing companies remained stable, while it moderated for services sector companies during the January-March period of the last fiscal.

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Rivian laying off hundreds of workers amid R2 launch

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Rivian laying off hundreds of workers amid R2 launch

Rivian electric vehicles are parked in front of a Rivian service center on April 30, 2026 in Los Angeles, California.

Justin Sullivan | Getty Images

Rivian said Tuesday it was laying off hundreds of workers, or less than 2% of its workforce, as the electric vehicle maker aims to narrow losses.

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The layoffs affect some teams in the service and customer segments, according to a spokesperson. The company had 15,232 employees across North America and Europe at the end of last year.

“We recently restructured a handful of teams within Rivian as we work to profitably scale our business,” the company said in a statement.

The layoffs come a week after the automaker officially launched deliveries of its key new vehicle, the R2 SUV. The R2 is meant to transform Rivian from a niche EV manufacturer that sells luxury vehicles into a more mainstream brand like U.S. EV leader Tesla. The layoffs were first reported by The Wall Street Journal.

Rivian has said it hopes to achieve profitability with the R2. It has never turned an annual profit.

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The EV maker lost $3.6 billion last year, while only delivering 42,247 vehicles, according to company filings. Its automotive segment lost about $6,000 per vehicle it delivered during the first quarter of this year.

Rivian and other EV manufacturers are increasingly facing a more challenging market than they did in recent years amid changing regulations under the Trump administration, including the elimination of a $7,500 federal incentive for purchasing an EV.

Rivian laid off more than 600 workers in October, or roughly 4.5% of its workforce. Those cuts largely involved restructurings of its marketing, vehicle operations, and sales/delivery and mobile operations teams.

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California Milk Advisory Board opens eighth year of accelerator program

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California Milk Advisory Board opens eighth year of accelerator program

The 2026 Real California Milk Excelerator will emphasize AI-backed scaling.

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Stock wealth strategy with Vanguard S&P 500 ETF could yield $1M

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Stock wealth strategy with Vanguard S&P 500 ETF could yield $1M

The Vanguard S&P 500 ETF recently made stock market history, becoming the first ETF to reach $1 trillion in assets. And there’s good reason why it’s the most popular ETF among investors.

Not only does this fund offer diversified exposure to 500 of the largest U.S. companies, but it also has a rock-solid track record of consistent growth over time. In fact, since the Vanguard S&P 500 ETF was launched in 2010, it’s delivered total returns of nearly 800%, as of this writing.

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But is it really possible to earn $1 million or more with this slow-but-steady ETF? History says yes – but with a caveat.

1 UNDER-THE-RADAR ETF TO INVEST $1,000 IN RIGHT NOW THAT’S OUTPERFORMING MAJOR INDEXES THIS YEAR

A trader at the NYSE.

A futures-options trader works on the floor at the New York Stock Exchange’s NYSE American (AMEX) in New York City, on June 8, 2026. (Brendan McDermid/Reuters / Reuters)

The path to a million-dollar portfolio

The market can be wildly unpredictable in the short term, but its long-term performance is much more stable. Over the last seven decades, the S&P 500’s (SNPINDEX: ^GSPC) annual returns have averaged out to just over 10% per year. The longer you stay in the market, the more likely it is that you’ll earn positive total returns.

Ticker Security Last Change Change %
VOO VANGUARD S&P 500 ETF – USD DIS 693.83 +11.88 +1.74%

A long-term outlook is crucial with any investment, but it’s especially important with an S&P 500 ETF. This fund isn’t the highest earner, especially compared to growth ETFs that are designed to beat the market. However, its strength is in its long-term potential.

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ETF ASSETS ARE SURGING. HERE’S HOW THEY DIFFER FROM MUTUAL FUNDS

Let’s say you’re earning a 10% average annual return on your investment, and you have a goal of reaching $1 million. At that rate, here’s approximately what you’d need to invest each month, depending on your timeline:

Number of Years Amount Invested Each Month Total Portfolio Value
20 $1,500 $1.031 million
25 $850 $1.003 million
30 $525 $1.036 million
35 $325 $1.057 million
40 $200 $1.062 million

Data source: author’s calculations via investor.gov.

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Time and consistency are key to building significant wealth with the Vanguard S&P 500 ETF. It will likely take a few decades to accumulate $1 million with this type of investment, but it is within reach for many investors – assuming the S&P 500 continues earning returns in line with its historic average.

How to earn even more in the stock market

Again, the S&P 500 ETF is known more for its consistency than its high returns. For many investors, lower earning potential is a worthwhile trade-off for a fund with decades of history delivering consistent growth. Those who are looking to maximize their earnings in the stock market, however, may prefer a different approach.

HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES

A trader works on the floor of the NYSE.

The opening bell of the New York Stock Exchange in New York City, on 28 May 2025. (Adam Gray for Fox News Digital)

Buying individual stocks is perhaps the best way to earn higher long-term returns. This strategy often requires more time and research, but a custom portfolio filled with healthy stocks can significantly outperform the S&P 500. Investing in growth ETFs is another option, as these funds only contain stocks with the potential for above-average returns.

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The Vanguard S&P 500 ETF can offer diversification and stability, making it a smart choice for long-term investors. No matter where you choose to buy, investing consistently and staying in the market for the long haul can help you build wealth that lasts a lifetime.

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Katie Brockman has positions in Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

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Gold Eases Slightly to $4,346.60 as US-Iran Ceasefire Reduces Immediate Safe-Haven Demand

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Gold Plunges to Four-Month Low Near $4,250 as Middle East

Gold prices retreated modestly on Monday, closing at $4,346.60 per ounce after falling $5.00, or 0.11%, as the US-Iran peace agreement and reopening of the Strait of Hormuz eased geopolitical tensions and diminished short-term safe-haven buying.

The small decline followed a strong run that saw gold hit multiple record highs in recent sessions, driven by uncertainty over energy supplies and broader market volatility. With the ceasefire removing a major risk premium, some investors trimmed positions in the precious metal, shifting toward riskier assets like equities that rallied on the positive news.

Despite the pullback, gold remains near historically elevated levels, supported by continued central bank purchases, persistent inflation concerns and its role as a long-term store of value. The metal has benefited from diversification demand amid global economic uncertainties, even as short-term geopolitical risks have eased.

Market Reaction to Peace Deal

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The US-Iran agreement, which includes the immediate lifting of the naval blockade and restoration of shipping through the Strait of Hormuz, triggered a broad relief rally in equities and a decline in oil prices. This environment typically pressures gold as investors move into higher-yielding or growth-oriented assets.

However, analysts note that the ceasefire is preliminary, with 60 days of technical talks on Iran’s nuclear program still ahead. Lingering uncertainties around implementation and long-term stability have prevented a sharper sell-off in gold, keeping prices supported near current levels.

The VIX, Wall Street’s fear gauge, has fallen significantly, indicating reduced market anxiety. Lower volatility generally weighs on gold, which often serves as a hedge during periods of heightened uncertainty. The current reading suggests markets are functioning with more normal risk perceptions.

Central Bank Buying and Structural Support

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Central banks have been net buyers of gold for several consecutive years, providing a structural bid that has helped sustain prices even during risk-on periods. Emerging market institutions, in particular, continue to diversify reserves, viewing gold as a neutral asset less susceptible to geopolitical or currency risks.

This demand has offset some of the pressure from reduced safe-haven buying tied to the Middle East situation. Gold’s performance demonstrates its dual role as both a crisis hedge and a long-term portfolio diversifier.

Investment products tracking gold, including exchange-traded funds, have seen steady flows, reflecting ongoing interest from retail and institutional investors. The metal’s ability to maintain elevated levels despite the positive geopolitical news underscores its resilience.

Economic and Policy Factors

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The US Federal Reserve’s steady policy stance has contributed to a relatively stable environment for gold. With inflation moderating but still above target in some measures, the metal retains appeal as a hedge against potential future price pressures.

Lower oil prices following the Iran deal are generally positive for gold by reducing inflationary fears and supporting real yields, but the relationship is complex. In this instance, the combination of geopolitical relief and persistent structural demand outweighed any immediate pressure from falling energy costs.

The US dollar showed mixed moves, with periods of weakness providing additional tailwinds for gold priced in the greenback. Currency fluctuations remain a key variable for the precious metal’s performance.

Sector and Mining Company Impact

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Gold mining companies benefited from the recent price strength, with shares in major producers advancing. Higher prices improve margins and cash flow, potentially supporting increased exploration and development activity in the sector.

The surge in gold has implications for commodity-producing nations, bolstering export revenues and government budgets. In developing economies, gold often serves as an inflation hedge and store of value for individuals navigating currency volatility.

Investor Perspectives and Strategies

Market participants offered varied interpretations of the price action. Some viewed the modest pullback as healthy consolidation after a strong run, while others saw it as a tactical response to short-term risk reduction. Gold’s ability to hold near record levels despite positive news has impressed many observers.

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For investors, gold continues to serve as a portfolio diversifier, particularly in uncertain times. While the immediate geopolitical relief has reduced some demand, longer-term factors like central bank buying and inflation hedging keep the metal attractive.

Financial advisers recommend appropriate allocation based on individual risk tolerance and portfolio goals. Gold can provide stability during periods of market stress, though it does not generate income like bonds or dividends.

Looking Ahead

Attention now turns to implementation details of the US-Iran agreement and upcoming US economic indicators. Any complications in the ceasefire or unexpected inflation data could influence gold’s trajectory in the near term.

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Analysts remain generally constructive on gold’s outlook, citing structural demand and its role in diversified portfolios. Sustained strength will depend on the balance between economic growth expectations and lingering uncertainties in global affairs.

As markets digest the latest diplomatic developments, gold’s performance demonstrates its enduring appeal even as broader risk appetite improves. The metal’s record run in 2026 highlights changing fundamentals, including elevated central bank buying and persistent investor demand for diversification.

The coming weeks will bring further clarity on the peace deal’s impact and gold’s reaction to evolving economic conditions. For now, the modest pullback from record highs reflects a market adjusting to reduced immediate risks while maintaining underlying support from long-term structural factors.

Gold’s ability to reach new highs amid shifting conditions underscores its unique characteristics in an evolving economic and geopolitical landscape. Investors will continue monitoring developments in the Middle East and their implications for safe-haven demand in the weeks ahead.

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Lockheed Martin, GM Defense partner on defense manufacturing

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Lockheed Martin, GM Defense partner on defense manufacturing

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Brent oil price drops under $80 on US-Iran deal

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Brent oil price drops under $80 on US-Iran deal
Oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.

Brent North Sea crude, the international benchmark, dropped 4.0 percent to $79.87 a barrel, dipping below $80 for the first time since early March.

The main US oil contract, West Texas Intermediate, slid 4.5 percent to $77.16 a barrel.

US President Donald Trump said the Strait of Hormuz would “completely open” once Washington and Iran sign their peace agreement on Friday in Switzerland.

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Iran had effectively halted tanker traffic through the vital waterway in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending crude prices skyrocketing.


“Traders are pricing in the reopening of the Strait of Hormuz as the most immediate and positive result of any peace deal,” said David Morrison, senior market analyst at broker Trade Nation.
While Iranian officials have threatened to impose tolls on ships passing through the crucial channel, “as far as oil traders are concerned, they see a market which is loosening up at last,” Morrison said.

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