Sergey Brin Spends $102 Million Fighting California Billionaire Tax

Google co-founder Sergey Brin has spent $102 million opposing a proposed billionaire wealth tax in California.

According to campaign filings, Brin donated the money to Building a Better California, a political advocacy group campaigning against the proposed tax and supporting business-friendly policies.

More than $187 million has reportedly been raised to oppose the measure, making Brin the largest individual contributor to the campaign. Supporters of the tax have raised about $32 million.

Known as Proposition 40, the proposed measure would impose a one-time 5 percent tax on the wealth of California’s approximately 200 billionaires.

If approved by voters in November, 90 percent of the revenue would go toward California’s healthcare programme, while the remaining 10 percent would fund education, food assistance and administrative costs.

With an estimated net worth of nearly $260 billion, Brin could face a tax bill of about $13 billion if Proposition 40 becomes law.

Brin has strongly opposed the proposal, saying he fled socialism with his family in 1979 and does not want California to move toward a similar system.

Other wealthy figures, including former Google CEO Eric Schmidt and PayPal co-founder Peter Thiel, have also contributed to efforts opposing the tax. California Governor Gavin Newsom has likewise expressed concerns that the measure could encourage wealthy residents and businesses to leave the state.

Brin has reportedly moved his residence to Nevada and purchased a $51 million home near Miami Beach, while other billionaires have also shifted assets or business operations outside California.

However, a study by the National Bureau of Economic Research suggested that the potential loss of tax revenue from billionaire departures may be smaller than opponents claim.

The study found that California billionaires paid about $4.1 billion in income taxes last year, compared with a combined net worth of roughly $2 trillion.

Supporters of the wealth tax argue that the proposed levy could generate about $100 billion over five years, making it a significant source of funding for healthcare and other public services.

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