Google Co-Founder Sergey Brin Spending More than $100 Million Fighting California Wealth Tax
Brin’s funding backs rival ballot measures and at least $5 million in direct opposition as supporters say the tax could raise nearly $100 billion.
- On California's November ballot, Proposition 40 proposes a one-time 5% tax on residents worth more than $1 billion, while Google co-founder Sergey Brin has spent $102 million opposing the measure.
- Supporters estimate the levy could raise close to $100 billion, with about 90% funding public healthcare programs like Medi-Cal, as the Service Employees International Union-United Healthcare Workers West pushed the measure citing federal cuts.
- Senator Bernie Sanders criticized Brin on August 11, noting the billionaire made $140 billion since President Donald Trump's election and would owe $14 billion under the tax while holding a $270 billion fortune.
- Rival Propositions 41 and 42 seek to cancel the wealth tax if they receive more votes, while Governor Gavin Newsom and the California Chamber of Commerce oppose the measure, stating it "makes no sense."
- Tax attorneys expect legal challenges regarding the retroactive date as residency audits loom for billionaires who moved, and research suggests it would take about 25 years of lost income tax to equal the levy's revenue.
20 Articles
20 Articles
Sergey Brin Spends $102 Million Fighting California Wealth Tax That Bernie Sanders Says Would Cost Him $14 Billion
Google co-founder Sergey Brin has spent $102 million (£75 million) to defeat a California measure taxing his fortune once at 5%, a sum Senator Bernie Sanders says he could easily absorb while millions of residents' healthcare rides on the result. Where the Billions Would Go Proposition 40, on California's November ballot, would impose a one-time 5% tax on residents worth more than $1 billion (£738 million). About 90% of the revenue would fund th…
California Billionaires Add Millions to Fight Wealth Tax
“Californian billionaires have poured nearly $40 million in fresh money into the campaign against a proposed wealth tax that will be on the state’s ballot this November,” the Financial Times reports. New York Post: Billionaire civil war brews between ex-Google bosses as Eric Schmidt rages at mega-rich wealth tax coalition. Fox News: The only map […]
ussanews.com
economiccollapse.reportEric Schmidt Rages as Silicon Valley Billionaires Fracture Over California Wealth Tax Fight
Eric Schmidt is furious. And he has every reason to be. The former Google CEO poured $3 million into Sergey Brin’s massive operation to kill California’s proposed billionaire tax. Now he is watching that same coalition lose its focus, get routed by the state Democratic Party, and drift into side battles that undercut the original...
Billionaire Google Co-Founder Pumps $102 Million Into Fighting California Wealth Tax
"Sergey Brin would rather spend $100 million to fund a shady opposition campaign than simply pay his fair share in taxes so millions of Californians don’t lose their healthcare."
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