Sergey Brin has spent $102M to fight California's proposed billionaire tax
6 hours ago
- Sergey Brin donated $102 million to oppose California's Proposition 40, a wealth tax on billionaires.
- Prop 40 would impose a one-time 5% tax on the state's 200 billionaires, with 90% of revenue for healthcare and 10% for education and food assistance.
- Opposition includes billionaires like Eric Schmidt and Peter Thiel, as well as Governor Gavin Newsom, who argues the tax could reduce investments in public services.
- Brin and other billionaires are moving assets out of California, with Brin now residing in Nevada and buying property in Florida.
- Analysis suggests the billionaire exodus may not significantly impact state revenue, as current taxes paid are very low relative to their wealth.
- A National Bureau of Economic Research paper indicates it would take 25 years for lost income tax revenue to offset the projected $100 billion from the tax.