- Published on
Google co-founder Sergey Brin has now spent $100 million to fight the billionaire tax
- Authors
- Name
- DeepHorus
Google co-founder Sergey Brin has now poured over $100 million into opposing California’s proposed billionaire tax, with his latest $20 million donation to the advocacy group Build a Better California. The world’s fourth-richest man, whose net worth hovers around $267 billion, is fighting a measure that could cost him an estimated $13.3 billion. This unprecedented political spending underscores how tech elites are mobilizing against wealth taxes as states seek new revenue streams. The outcome will test whether billionaires can effectively block redistributive fiscal policies in the nation’s most populous state.
California’s Proposition 40, nicknamed the billionaire tax, would impose a one-time 5% levy on the net worth of roughly 200 state residents with fortunes exceeding $1 billion. Proponents estimate it could raise over $300 billion, with funds earmarked for healthcare programs. This comes at a critical moment: California’s Medicaid program alone could lose up to $30 billion in federal funding once Trump administration budget cuts take effect next year. The tax is designed as a wealth tax, targeting unrealized gains and assets, not just annual income.
Brin’s cumulative spending—now exceeding $100 million—is remarkable when compared to the tax he would owe. His latest contribution follows earlier donations to the same organization, which has proposed counter-ballot measures to limit new taxes. Brin is not alone among tech billionaires seeking to escape the tax burden. Meta founder Mark Zuckerberg reportedly purchased a $170 million mansion near Miami this year, while former Uber CEO Travis Kalanick, venture capitalist Peter Thiel, and Brin’s fellow Google co-founder Larry Page have also departed California. These moves suggest a coordinated retreat by the ultra-wealthy to avoid the tax.
The technical mechanics of Prop 40 are unusual. Unlike income taxes, which apply to realized earnings, a wealth tax assesses net worth, including stock portfolios and real estate. Critics argue this is unconstitutional and hard to administer, as assets are difficult to value. Governor Gavin Newsom (D) has voiced concerns about billionaire flight and its economic fallout, instead proposing a national billionaires’ tax. In a blog post, he criticized the “tax-free lifestyle loan,” where the wealthy borrow against stocks while reporting no taxable income, saying, “Today, the office worker can shoulder a higher tax rate than the heiress.”
The short-term implications are a fierce political battle ahead of November’s vote. Brin’s funding could swamp the airwaves with ads framing the tax as a jobs killer. Long-term, the outcome will influence whether other states pursue wealth taxes to address inequality and budget shortfalls. If Prop 40 passes, it could set a precedent for taxing unrealized gains nationally; if it fails, it may embolden billionaires to fight similar measures elsewhere. The fight also highlights the growing political divide between tech moguls and policymakers over fiscal responsibility.
Reactions have been split. Governor Newsom has distanced himself from Prop 40 while acknowledging the need for tax reform. Surprisingly, Nvidia co-founder Jensen Huang, who would owe around $8 billion, declared in a Bloomberg interview, “I have not even thought about it once. We chose to live in Silicon Valley, and whatever taxes they would like to apply, so be it. I’m perfectly fine with it.” His stance contrasts sharply with Brin’s aggressive opposition, revealing a rift within the tech community. Meanwhile, advocacy groups supporting the tax argue that billionaires should pay their fair share, especially as healthcare funding faces severe cuts.
Looking ahead, Californians will vote on Prop 40 in November. Brin’s funded organization is backing ballot measures that could effectively block the tax by restricting new taxes. Political analysts expect a high-spending campaign, with both sides pouring millions into messaging. If the measure passes, billionaires like Brin might face difficult choices: pay the tax, relocate assets, or leave California entirely. If it fails, the state will need to find alternative revenue sources to preserve healthcare programs. The outcome will be closely watched by policymakers in New York, Washington, and Massachusetts, where similar wealth tax proposals are being debated.
