Google co-founder’s Coalition reserves $87M of advertising time across California
A coalition led by Google co-founder Sergey Brin has reserved $87 million in advertising time to oppose a proposed California wealth tax. The group is also attempting to place a competing measure on the ballot to confuse voters and invalidate the original proposal.
Why it matters
This highlights the massive influence of private wealth on state-level political processes and the use of complex ballot strategies to influence tax policy.
A coalition of billionaires led by Google co-founder Sergey Brin is reportedly planning a massive campaign to defeat a proposed state wealth tax. The coalition has reserved nearly $87 million in television advertising time across California, as per a report by The New York Times. This signals the start of a ‘battle’ over a November ballot initiative that would slap a one-time tax on California residents with a net worth of $1 billion or more.The ad campaign is set to kick off next month, and reportedly represents the opening salvo in a political war that has deeply divided Silicon Valley, state lawmakers and labor unions. Citing tracking data from AdImpact, the coalition – operating under the name Building A Better California – has already locked in $86.9 million for TV ads.
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