Sergey Brin Leads $293 Million Effort to Block California Tax
Sergey Brin and other billionaires funded a super PAC to oppose Proposition 40, a proposed 5% wealth tax targeting California's wealthiest residents.
Google co-founder Sergey Brin contributed $102 million to the Building a Better California super PAC, making him the primary donor in a $293 million effort to defeat Proposition 40. The proposed measure would impose a one-time 5% tax on over 200 California billionaires to fund healthcare, education, and food assistance. Economists estimate the tax could raise at least $107 billion, with 90% of revenue earmarked for Medi-Cal services to offset federal funding losses.
The super PAC is actively opposing Proposition 40 while supporting Propositions 41 and 42, which contain provisions that would void the wealth tax if either passes. Other major contributors to the opposition include Peter Thiel and Eric Schmidt. Governor Gavin Newsom also opposes the state-only tax, arguing it could drive wealthy residents out of California and reduce long-term income tax revenue, though he advocates for a national wealth tax.
In response to the potential tax, Meta created nonvoting Class C common stock. This allows CEO Mark Zuckerberg to liquidate assets to pay the tax bill without losing voting control of the company, provided he commits to remaining in California for eight years.
