TheBadPlaceyahoo news | Google Co-Founder Sergey Brin pumping $45 million to fight California's 'Billionaire Tax'
Sergey Brin, the Google co‑founder, has pledged roughly $45 million to the group Building a Better California, which is leading the fight against the state’s proposed “billionaire tax.” The measure would levy a one‑time 5 percent levy on individuals whose net worth exceeds $1 billion, with supporters saying the revenue would fund health‑care and other public programs. Building a Better California has raised about $80 million in total to finance campaigns, advertisements and ballot‑initiative efforts aimed at defeating the tax.
The billionaire tax has become a flashpoint for California’s political and business communities. Labor leader Dave Regan, who backs the initiative, recounted a private meeting with Governor Gavin Newsom in which the governor urged him to abandon the effort, a request Regan rejected. Former legislative attempts to impose a wealth tax failed because of the high vote threshold required for new taxes, and economists such as Emmanuel Saez have warned that the proposal is “legislatively impossible” without a ballot measure.
Opposition to the tax is well‑funded and expanding. In addition to Brin’s contribution, other Silicon Valley figures—including Larry Page, Peter Thiel and David Sacks—are either leaving the state or considering doing so to avoid potential tax exposure. Analysts estimate that the departures of Page and Brin alone could represent roughly $25 billion in lost revenue for California. With tens of millions already flowing into anti‑tax campaigns and more expected, the billionaire‑tax initiative is shaping up to be one of the most closely watched and expensive ballot battles in the state’s recent history.
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