Sergey Brin Donates $102 Million to Oppose California Billionaire Tax

Google co-founder Sergey Brin has donated more than $102 million to Building a Better California, a political advocacy organization working to defeat Proposition 40. The proposed measure on California's November ballot would implement a one-time 5% tax on residents with a net worth exceeding $1 billion. With a net worth of approximately $270 billion, Brin would face a tax bill of over $13 billion if the measure passes.

Governor Gavin Newsom and other tech figures, including Eric Schmidt, Peter Thiel, and Larry Page, oppose the tax, arguing it would erode the state's tax base. Newsom specifically claims the measure would reduce investments in education, firefighting, police, teachers, librarians, and childcare. Some billionaires have already moved their residences or business entities to Nevada and Delaware to avoid potential liabilities.

Supporters of the measure, led by the labor group Service Employees International Union-United Healthcare Workers West, estimate the tax could generate $100 billion to fund food assistance, education, and healthcare, which could help offset federal Medicaid cuts. While most tech billionaires oppose the proposal, Nvidia co-founder Jensen Huang stated he has no objection to paying the tax.