Google cofounder Sergey Brin has spent $102 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses
The state’s ultrawealthy, including Larry Page and Peter Thiel, have similarly donated to efforts opposing the wealth tax.
Sergey Brin, co-founder of Google, has contributed $102 million to oppose California's proposed billionaire tax. If the tax passes, Brin could owe $13 billion. The tax, Proposition 40, would impose a 5% tax on California's 200 billionaires, with 90% of the revenue going towards health care and 10% towards education, food assistance, and administration.
Critics, including former Google CEO Eric Schmidt and PayPal cofounder Peter Thiel, argue the tax would harm the state's economy by reducing its tax base and key investments in social services. Google co-founder Larry Page has also shifted assets out of California. While some experts believe the fear of a billionaire mass exodus may be exaggerated, the tax's small size compared to billionaires' wealth could take a century to offset if a quarter of California's wealthiest individuals left.
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