The campaign, operating through the group Building a Better California, is actively working to dismantle the 5% tax proposal. Beyond the $100 million in backing, the group has committed $5 million specifically to defeat the ballot measure, which faces a high-stakes showdown this November. Supporters of the tax, including the California Nurses Association and Senator Bernie Sanders, argue that the levy is a necessary step to address extreme wealth inequality and state funding gaps.
In section Newsroom
Sergey Brin Leads Billionaire Push Against California Wealth Tax
As California prepares to vote on a landmark wealth tax, Google co-founder Sergey Brin has funneled over $100 million into a campaign designed to block the measure. The funding supports initiatives aimed at nullifying Proposition 40, a proposal intended to tax billionaire assets to fund healthcare and education.
Opposition to the tax is not limited to Brin. A coalition of powerful figures, including Governor Gavin Newsom, the California Chamber of Commerce, and tech investors like Peter Thiel and Chris Larsen, are also working to sink the proposal. Economists Emmanuel Saez and Gabriel Zucman have highlighted the disparity at the heart of the debate, noting that the state's four wealthiest individuals paid an effective annual tax rate of just 0.07% between 2019 and 2025. Debru Carthan of the SEIU-United Healthcare Workers West criticized the spending, characterizing the effort as a deliberate attempt to avoid paying a fair share while essential public services remain underfunded.
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