● Covered by 1 source · 1 reportMedium impact1 neutral
Sergey Brin Donates $20 Million More to Oppose California's Billionaire Tax, Totaling Over $100 Million
Key points
- Sergey Brin donated $20 million to Build a Better California.
- His total spending against Prop 40 exceeds $100 million.
- Prop 40 proposes a one-time 5% tax on billionaires' net worth.
- Funds from Prop 40 would support California's healthcare programs.
Brin's Continued Opposition to Prop 40
Sergey Brin, co-founder of Google, has made another $20 million donation to Build a Better California, an organization actively campaigning against California's proposed Prop 40. This latest contribution increases his total spending on this effort to over $100 million. Brin's net worth is estimated at $267 billion, and the proposed tax could amount to an estimated $13.3 billion for him.
Details of California's Billionaire Tax
California's Prop 40, also known as the billionaire tax, aims to implement a one-time 5% tax on the net worth of roughly 200 billionaires residing in the state. The revenue generated from this tax is designated primarily for funding California's healthcare programs. The state's Medicaid program faces potential cuts of up to $30 billion in federal funding next year, highlighting the need for alternative funding sources.
Other Tech Moguls' Responses and Political Dissent
Brin is not alone among tech leaders in opposing such a tax. Other notable figures, including Meta founder Mark Zuckerberg, former Uber CEO Travis Kalanick, venture capitalist Peter Thiel, and Google co-founder Larry Page, have reportedly moved out of California. Governor Gavin Newsom (D-CA) has also expressed concerns about the economic impact of billionaires and their businesses leaving the state, advocating instead for a national billionaires' tax. He noted that current tax structures can allow the ultra-wealthy to avoid taxable income by borrowing against stock portfolios.
Upcoming Vote and Counter-Measures
Californians are scheduled to vote on Prop 40 in November. The organization funded by Brin is supporting opposing ballot measures. If passed, these measures could effectively block Prop 40 by restricting the introduction of new taxes. In contrast, Nvidia co-founder Jensen Huang has stated he is willing to pay the tax, indicating he has not considered avoiding it despite potentially owing around $8 billion.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Google co-founder Sergey Brin has contributed an additional $20 million to Build a Better California, an organization campaigning against California's proposed Prop 40 billionaire tax, bringing his total spending to over $100 million. This tax would impose a one-time 5% levy on the net worth of approximately 200 billionaires in the state, with proceeds primarily funding healthcare programs.