Sergey Brin donates $102 million to oppose California wealth tax
World
Sergey Brin, one of Google's co-founders, just put $102 million behind the campaign against California's proposed wealth tax.
This tax, up for a vote in November, would hit billionaires with a one-time 5% charge, which could cost Brin about $13 billion if it passes.
Proposition 40 opponents raised over $187 million
Brin's donation is part of a much larger push: opponents of Proposition 40 have raised over $187 million, way more than the $32 million collected by supporters.
The plan is to use most of the new tax money for health care and some for education and food aid.
Still, big names like former Google CEO Eric Schmidt and PayPal cofounder Peter Thiel are against it.
Opponents say the tax could drive them (and their money) out of California, which might hurt funding for public services.