Sergey Brin spends over $100 million to oppose California's Prop 40
Google co-founder Sergey Brin is spending big, over $100 million, to stop California's Proposition 40, a proposed "billionaire tax" that would hit about 200 of the state's wealthiest residents with a one-time 5% tax.
For Brin, who is worth around $267 billion, that could mean a $13.3 billion bill if it passes.
Prop 40 would fund California Medicaid
Prop. 40 is meant to help cover California's massive health care funding gap after federal budget cuts, with money going toward programs like Medicaid.
Brin has already put $20 million into an anti-tax campaign group.
Meanwhile, some other tech giants like Mark Zuckerberg, who reportedly bought a $170 million mansion near Miami this year, and Larry Page have left the state to avoid the tax, while Gov. Gavin Newsom warns it could hurt California if too many wealthy people bail.
On the flip side, NVIDIA co-founder Jensen Huang says he supports paying his share, even though he would owe around $8 billion in taxes.
Voters get the final say this November, and what happens could seriously shape how California funds health care and how it treats its richest residents going forward.