Google Co-Founder Sergey Brin Spends $100 Million Fighting Billionaire Tax

Google co-founder Sergey Brin has now spent more than $100 million trying to stop California's proposed billionaire tax, according to a report from TechCrunch. Brin has just donated a further $20 million to Build a Better California, a campaign group that opposes the tax, based on a new financial filing. The world's fourth richest man, whose fortune sits at around $267 billion, is attempting to avoid a bill that could reach an estimated $13.3 billion.

The proposal in question, known as Prop 40, would place a one off 5% levy on the net worth of roughly 200 billionaires who live in California. Most of the money raised would go towards funding the state's healthcare system. TechCrunch notes that California's Medicaid programme alone could lose up to $30 billion in federal funding once cuts under President Trump's budget take effect next year.

According to TechCrunch, Sergey Brin isn't the only tech mogul seeking ways to avoid such a tax. It's no coincidence that Meta founder Mark Zuckerberg reportedly bought a $170 million mansion near Miami this year. Former Uber CEO Travis Kalanick, venture capitalist Peter Thiel, and Brin's fellow Google co-founder Larry Page have also left the state.

Prop 40 has also generated dissent from Governor Gavin Newsom (D-CA), who is concerned about the economic impact of these billionaires and their businesses fleeing California. Instead, Newsom has called for a "national billionaires' tax."

"Today, the office worker can shoulder a higher tax rate than the heiress," Newsom noted in the blog post. "We should end the 'tax-free lifestyle loan,' the gimmick that lets the ultra-wealthy borrow against their stock portfolios while reporting no taxable income."

Californians will vote on Prop 40 in November. The organization that Brin is funding has proposed opposing ballot measures that, if passed, could effectively block Prop 40 by limiting the introduction of new taxes.

Meanwhile, Nvidia co-founder and unlikely working class hero Jensen Huang says he's "perfectly fine" paying the tax.