Sergey Brin is biggest donor against California wealth tax; could owe $13 billion

Google cofounder Sergey Brin has emerged as the biggest donor opposing California’s proposed billionaire wealth tax, contribution $102 million to a political group fighting the measure that could leave him facing tax bill of about $13 billion if approved by voters. The development was reported by Fortune, citing state financial campaign records. As per the campaign fillings, Brin has donated a teal of $102 million to building a Better California, a political action committee campaigning against California’s proposed wealth tax while supporting pro-business, housing and infrastructure policies. The contribution makes him the single largest founder of the anti-tax effort. Opposition groups have collectively raised more than $187 million, compared with roughly $32 million raised by supporters of the measure.What is California's Proposition 40Proposition 40 will be on the ballot in November. It would impose a one-time 5% tax on California’s 200 billionaires.