California is home to dozens of entrepreneurs who have made billions off their companies. But now, some are packing up and leaving as the coastal state weighs tax hikes against the rich—but Nvidia CEO and longtime California resident Jensen Huang is happy to pay his fair share.
“I don’t mind paying taxes. The more you make, the more taxes you pay. I’m okay with that,” Huang said in a recent interview with CBS Sunday Morning. “I am the ultimate American Dream.”
Billionaires like Google’s cofounder Sergey Brin and former CEO Eric Schmidt have been waging war against Proposition 40 in California: a one-time 5% tax on residents with assets over $1 billion. The state hopes this will increase temporary revenue by tens of billions spread over several years to fund healthcare and education. And some of California’s ultra-rich are fighting back; tech billionaires have raised more than $340 million and spend more than $1 million daily in a campaign to defeat Prop 40, according to The Guardian. Others like Palantir’s Peter Thiel and Meta’s Mark Zuckerberg have already left the state for more tax-friendly areas.
But Huang, the world’s ninth-richest person with an eye-watering $180 billion net worth, isn’t afraid to pay up. The leader of the world’s largest chip company reasoned that his success wouldn’t have been possible without the opportunities America afforded him. He was able to pursue a high-level education, create a new company, pursue his dreams, and meet the people that “made Nvidia possible.” Huang has lived a success story that millions dream of—and he’s happy to contribute to the same system that nurtured his ambitions.
“The fact that I can afford to pay $8 billion in taxes over five years is a privilege,” Huang continued. “I’m not afraid of paying taxes. I’m just afraid of being poor.”
Fortune reached out to Nvidia for comment.
Huang urges people to ‘Move to California, don’t leave’ as billionaires flee
The “Make Billionaires Pay Their Fair Share Act” was introduced in March by Congressman Ro Khanna (D-CA) and Senator Bernie Sanders (D-VT). Ahead of Prop 40’s Jan. 1, 2026 residency cutoff, a slew of billionaires left the state. Google cofounders Larry Page and Brin moved their business entities to Florida and Nevada, and Travis Kalanick, the former CEO of Uber, also changed addresses to Austin, Texas.
As some billionaires balk at the tax hike, Huang has said that “I haven’t thought about it even once.” Instead, he’s continued to be outspoken about the upsides of living in the Golden State—and called on others to make California their permanent home.
“I say to everybody, ‘Move to California, don’t leave.’ It’s the highest taxes in the world, but it’s okay,” Huang said at the Stanford Graduate School of Business earlier this year.
Aside from having great weather, California is also a hotbed for innovation, Huang has reasoned. Nvidia’s office is located in Santa Clara, right in the heart of Silicon Valley where “the talent pool is,” Huang has said. He argues that it’s a choice to set up shop in the tech hub—and whatever taxes come with operating there, “so be it.”
However, Huang isn’t sold on being taxed for everything. While he has no issue with Prop 40, he is skeptical that company robots and AI tokens should be taxed. Microsoft cofounder Bill Gates championed the idea; the tech mogul argued that by not taxing those tools, but still forking over payroll taxes on employee earnings, employers are incentivized to replace humans with machines. In response, Huang said his “remedies will be a little different.”
“I’m in favor of taxes,” Huang said in an interview with Fox Business’s The Claman Countdown earlier this year. “And I think that…for anybody who is productive, it’s a great way for us to contribute back to society and the economy. But the fact of the matter is, there are probably lots of different ways to approach this.”