Sergey Brin Spent $100 Million Fighting the Billionaire Tax

Google co-founder Sergey Brin donated another $20 million to Build a Better California, an organization fighting California’s proposed billionaire tax. According to new financial reports, Brin, the world’s fourth-richest person, has thus spent more than $100 million in total to avoid an estimated $13.3 billion tax bill. TechCrunch.com reports .

The initiative known as Prop 40 in California would impose a one-time 5% tax on the net worth of around 200 billionaires who reside in the state. The revenue is primarily intended to fund California’s healthcare programs. In particular, amid expected budget cuts next year, the state’s Medicaid program could lose up to $30 billion in federal funding.

Tech Moguls Leaving the State

However, Sergey Brin is not the only tech mogul seeking to avoid such a tax. Meta founder Mark Zuckerberg is reportedly not buying a $170 million mansion near Miami this year without reason. Former Uber CEO Travis Kalanick, venture capitalist Peter Thiel and Brin’s colleague, Google co-founder Larry Page, have also left the state.

The Prop 40 initiative has also faced sharp criticism from California Governor Gavin Newsom. He expressed concern about the economic consequences of billionaires and their businesses leaving California and instead called for a “national billionaire tax.” In a statement, the governor noted that an ordinary office worker pays a higher tax rate than wealthy heirs.

Future Vote and Other Views

Californians are scheduled to vote on Prop 40 in November this year. The organization funded by Brin is promoting an alternative ballot measure that could block the initiative by restricting the introduction of new taxes.

On the other hand, NVIDIA founder Jensen Huang has said he is willing to pay such taxes. In an interview with Bloomberg, Huang, who is expected to pay approximately $8 billion in taxes, said he had never given the matter a second thought.

“We chose to live in Silicon Valley, and whatever taxes they want to impose, go ahead—I have no objection,” the NVIDIA chief said.