{
  "id": 16920268,
  "title": "Billionaires shatter spending record to fight California wealth tax",
  "url": "https://urgent.news/2026/10/28/billionaires-shatter-spending-record-to-fight-california-wealth-tax",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-28T15:22:23.000Z",
  "source": {
    "name": "Politico EU",
    "slug": "politico-eu",
    "url": "https://www.politico.eu/article/billionaires-shatter-spending-record-to-fight-california-wealth-tax/"
  },
  "original_language": "en",
  "account": "California's proposed wealth tax has mobilized the state's wealthiest residents like never before, with billionaire opponents pouring a record $612 million into fighting it, according to a POLITICO analysis. Out of this, nearly half, or $293 million, came from at least 30 California billionaires who made their fortunes in tech, reflecting a remarkable level of coordination and political engagement from the once-unorganizable donor class of Silicon Valley. Google co-founder Sergey Brin, Eric Schmidt and John Doerr are among the biggest donors, while tech leaders argue the tax has accelerated their political involvement, building networks that could shape future campaigns. Frank Slootman, a billionaire tech executive, expressed concern over the potential erosion of private property rights and the state's economic dynamism. The opposition's spending dwarfs the previous peak in 2010, when billionaires contributed $147 million to California races. Proponents of Prop 40, the wealth tax initiative, maintain it is essential for funding health care after federal cuts. Despite the opposition's efforts, billionaire advocates, led by tech leaders, are determined to protect their economic interests and political influence in California.",
  "summary": "It’s a striking and historic show of unity from a notoriously hard-to-organize donor class, a POLITICO analysis shows.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}