Google's Sergey Brin spends $45M to fight California's billionaire tax
What's the story
Google co-founder Sergey Brin has further bolstered his financial support against a proposed wealth tax in California. According to recent state filings, Brin donated an additional $25 million to a Super PAC fighting the tax, on top of the $20 million he had already contributed. The move comes as part of a broader campaign by tech industry leaders against the "California Billionaire Tax Act."
Industry response
Proposed tax and its implications for billionaires
Brin's contribution comes as part of a broader response from top tech executives against the proposed tax. Former Google CEO Eric Schmidt has also upped his financial support for the cause, donating $1.02 million on top of a previous $2 million contribution. The proposed tax would impose a one-time 5% levy on assets of California residents worth over $1 billion, to fund education, food assistance and healthcare programs in the state.
Tax impact
Potential tax liability prompts relocation
If the proposed tax is approved by voters, it would be levied on billionaires based on their residency as of January 1, 2026. For Brin, whose net worth is about $247 billion, the tax bill could exceed $12 billion. This potential liability appears to have prompted him and other billionaires to relocate from California late last year.
Political donations
Political contributions and other donations by tech leaders
Brin has also donated to the gubernatorial campaigns of Republican Steve Hilton and Democrat Matt Mahan, a tech-friendly candidate popular among Silicon Valley elites. Schmidt has also supported Building a Better California with a $2 million contribution, bringing his total donations to the PAC just over $3 million. He has also donated $1.04 million to another Super PAC fighting the billionaire tax called the California Business Roundtable.
PAC contributions
Contributions from other tech leaders and venture capitalists
Other tech leaders who have contributed to the California Business Roundtable include Palantir co-founder Peter Thiel ($3 million), Ring founder James Siminoff ($100,000) and crypto billionaire Chris Larsen ($750,000). Building a Better California has also received donations from Larsen ($2 million), DoorDash CEO Tony Xu ($2 million) and Stripe CEO Patrick Collison ($7 million). Several prominent venture capitalists have also contributed to both PACs.