Sergey Brin Spends $102M to Block California Billionaire Tax
Google co-founder Sergey Brin spends $102M to oppose California’s billionaire tax proposal, which could cost him $13B.
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Google co-founder Sergey Brin has spent $102 million to oppose California’s proposed billionaire tax, a one-time 5% levy that could cost him up to $13 billion if voters approve it in November. Campaign filings reveal Brin has directed the funds to Building a Better California, a PAC and advocacy group leading the opposition to Proposition 40.
Opponents of the levy have raised over $187 million, with Brin as the largest donor. Supporters of the tax have raised around $32 million. Proposition 40 would impose a one-time 5% tax on the net worth of approximately 200 California billionaires, with residency determined as of January 1, 2026. The measure aims to ensure the ultra-rich cannot simply move out after Election Day.
Tax Revenue Allocation
Ninety percent of the tax revenue would go to California’s healthcare programs, while the remaining 10% would fund education, food assistance, and administrative costs. Fortune estimates Brin’s net worth at $260 billion, leading to the $13 billion exposure calculation. Other estimates suggest the tax could be even higher.
Brin’s Political Stance and Residency Move
Brin, who previously warned that California is moving toward a socialist system, has moved his primary residence to Nevada before the January 1 cutoff. He relocated to a $42 million property on the Nevada side of Lake Tahoe, as the tax proposal began to stir concerns in Silicon Valley.
The $13 billion figure remains uncertain, as it hinges on whether Brin is classified as a California resident on the cutoff date. If Proposition 40 passes, any challenge over his residency could lead to years of litigation with state tax authorities.
Bloomberg Tax reported that even if Brin and other billionaires moved out before the cutoff, they could still face scrutiny over whether they severed enough ties to establish residency elsewhere. The outcome of this residency dispute could ultimately determine the massive tax liability.
Source: The Gateway Pundit
