Sergey Brin has spent $102M to fight California's proposed billionaire tax

Sergey Brin has poured $102 million into Building a Better California, the leading campaign opposing Proposition 40, bringing total spending against the proposed billionaire tax to about $187 million versus roughly $32 million backing it. Proposition 40 would levy a one-time, 5% tax on roughly 200 California billionaires, with 90% of proceeds earmarked for the state health-care program and the rest for education, food assistance and administration. With an estimated net worth near $260 billion, Brin could face a roughly $13 billion bill if the measure passes; other wealthy opponents include Eric Schmidt, Peter Thiel and Governor Gavin Newsom, who warn the tax will erode the state’s tax base and reduce investments in services like education and public safety. Brin has framed his opposition in stark terms, invoking his escape from Soviet socialism.

The campaign has coincided with visible shifts by several billionaires toward states perceived as more tax-friendly: Brin lists Nevada as his residence and recently purchased a Miami-area home, while others have restructured assets or moved entities to Delaware. Analysis cited in the coverage finds billionaires living in the state paid about $4.1 billion in income tax last year - roughly 0.2% of an aggregate $2 trillion net worth - suggesting lost income-tax revenue from departures would not quickly erase the roughly $100 billion the wealth levy is projected to raise over five years. Even a small exodus would dent California’s receipts, but the estimates imply it would take decades for such departures alone to offset the proposed windfall.