Google co-founder Sergey Brin has now spent $100 million to fight the billionaire tax
Google co-founder Sergey Brin has donated $100 million to oppose a proposed California tax on billionaires. The measure, Prop 40, aims to fund healthcare programs, but faces significant pushback from wealthy tech figures who are increasingly relocating out of the state.
Why it matters
The conflict highlights the growing tension between state-level wealth taxation efforts and the mobility of the ultra-wealthy in the tech sector.
Google co-founder Sergey Brin has donated another $20 million to Build a Better California, an organization advocating against California’s proposed billionaire tax, according to a new filing . That means that the world’s fourth-richest man , whose net worth hovers around $267 billion, has now spent more than $100 million to avoid an estimated $13.3 billion tax payment.
California’s Prop 40 , known as the billionaire tax, would impose a one-time 5% tax on the net worth of around 200 billionaires that live in the state. The windfall from this proposed tax would mostly go toward funding California’s healthcare programs. The state’s Medicaid program alone could lose up to $30 billion in federal funding once Trump’s budget cuts take effect next year.
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