Sergey Brin Spends $100M to Block California Wealth Tax
Google co-founder Sergey Brin funds campaign against California’s proposed billionaire wealth tax.
2 min read
Google co-founder Sergey Brin has invested over $100 million to oppose California’s proposed wealth tax, which targets billionaires with a net worth exceeding $1 billion. The measure, known as Proposition 40, would impose a 5% tax on the total assets of those individuals, potentially costing Brin nearly $14 billion if the tax passes.
Opposition Campaign and Tax Impact
Building a Better California, the group receiving Brin’s funds, is actively working to defeat Proposition 40. The initiative aims to reduce the tax burden on high-net-worth individuals and has also supported other ballot measures that could mitigate the impact of Prop 40.
Brin, who is estimated to have a net worth of $270 billion, has joined a coalition of Silicon Valley leaders and other billionaires in funding the opposition campaign. The effort has already seen nearly $100 million spent on advertisements to inform voters about the potential consequences of the tax.
Residency Concerns and Retroactive Tax
The tax, if passed, would retroactively apply to anyone residing in California at the beginning of 2026, prompting some billionaires to consider leaving the state. However, experts note that it is nearly impossible to sever residency within the one-month window allowed by the ballot initiative.
Emmanuel Saez, a professor at the University of California, Berkeley, and one of the authors of the proposition, emphasized that the design of the tax was intentional. He stated, “It’s too late to leave now,” adding that the one-month period was chosen based on expert analysis.
Political and Public Reactions
Term-limited Governor Gavin Newsom, who is expected to launch a 2028 presidential campaign, has publicly stated his opposition to the measure. Both Republican Steve Hilton and Democrat Xavier Becerra, who are running to succeed Newsom, have also signaled their intent to vote against the tax.
Brin, who was born in Moscow, has compared the tax to the oppressive socialist regime he fled as a child. In a recent interview with The New York Times, he remarked, “I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place.”
Source: OANN
