Google co-founder Sergey Brin has donated a total of $102 million to oppose California’s proposed billionaire tax, according to a filing on Friday. The tax, known as Proposition 40, will appear on the November ballot and would impose a one-time 5% levy on the state’s 200 billionaires. Brin, whose net worth is nearly $270 billion, could face a tax bill exceeding $13 billion if the measure passes, per fortune.com.
Brin’s latest contribution of $20 million went to Building a Better California, a political action committee advocating against the wealth tax and supporting pro-business policies, housing, and infrastructure affordability. This donation adds to his previous contributions, bringing his total support against Proposition 40 to over nine figures. Other wealthy individuals such as former Google CEO Eric Schmidt and PayPal co-founder Peter Thiel have also donated to groups opposing the measure, according to fortune.com.
Proposition 40 targets California’s wealthiest residents with a one-time tax aimed at addressing the state’s economic disparities. Ninety percent of the revenue from the tax would fund the state’s healthcare program, while the remaining 10% would support education, food assistance, and administrative costs. California, despite having a $4 trillion GDP comparable to the United Kingdom’s economy, has 18% of its population living below the poverty line, the highest rate in the U.S., partly due to its high cost of living, fortune.com reports.
The November ballot will determine whether Proposition 40 passes, potentially reshaping California’s approach to wealth taxation. Brin’s filings confirm his substantial financial commitment to opposing the measure, which could generate billions in revenue for state programs if approved, per fortune.com.