Google cofounder Sergey Brin has contributed $102 million to oppose California’s proposed billionaire tax, according to campaign filings reported by fortune.com. The tax, known as Proposition 40, is set to appear on the November ballot and would impose a one-time 5% tax on the state’s 200 billionaires. Brin, with a net worth near $260 billion, could owe about $13 billion if the tax passes.
Brin’s donations went to Building a Better California, a political advocacy group opposing the tax and supporting pro-business policies, housing, and infrastructure affordability. The total spending to block the tax has exceeded $187 million, with Brin as the largest single contributor. Meanwhile, supporters of the tax have raised roughly $32 million, highlighting a significant funding gap between the opposing sides.
Proposition 40 aims to address California’s economic inequality by taxing billionaires to fund health care, education, and food assistance programs. The state has a $4 trillion GDP, comparable to the United Kingdom, but also has 18% of residents living below the poverty line, the highest rate in the U.S. The tax has sparked controversy among wealthy individuals, including Brin, who argue it could harm the state’s business climate.
The ballot measure will be decided by California voters this November, with 90% of the revenue from the tax proposed to support the state’s health care program and the remaining 10% allocated to education, food assistance, and administrative costs, according to fortune.com.