Google co-founder Sergey Brin has now spent $100 million to fight the billionaire tax

Sergey Brin, the co-founder of Google, has contributed an additional $20 million to Build a Better California, a group fighting against California's proposed billionaire tax. With a net worth of around $267 billion, Brin has now spent more than $100 million to prevent an estimated $13.3 billion tax payment. California's Proposition 40 would impose a one-time 5% tax on the net worth of approximately 200 billionaires residing in the state, with the majority of the revenue directed towards funding healthcare programs.

However, the proposed tax could result in a loss of up to $30 billion in federal funding for Medicaid programs. Brin is not the only tech billionaire seeking ways to evade the tax; Meta founder Mark Zuckerberg reportedly purchased a $170 million mansion near Miami, while former Uber CEO Travis Kalanick, venture capitalist Peter Thiel, and fellow Google co-founder Larry Page have also left the state.

Proposition 40 has faced opposition from Governor Gavin Newsom (D-CA), who has advocated for a "national billionaires' tax" and likened the current situation to an "economic impact" of billionaires and their businesses departing California. Californians will vote on Proposition 40 in November, and Brin's organization has proposed opposing ballot measures to potentially block the tax by restricting the introduction of new taxes.

On the other hand, Nvidia co-founder and former tech billionaire Jensen Huang has stated he is "perfectly fine" paying the tax, emphasizing that they chose to live in Silicon Valley and are willing to comply with any imposed taxes.