Google Co-Founder Pours Millions Into Fight Against CA Billionaire Tax

Google co-founder Sergey Brin has significantly ramped up his financial contributions to the campaign against California's proposed billionaire wealth tax. New filings show that Brin has donated an additional $25 million to a Super PAC dedicated to blocking the state's 5% tax on ultra-high-net-worth individuals, adding to the $20 million he had already given.

Brin is not the only top Google executive putting big money into the fight against the ballot proposal. Former Google CEO Eric Schmidt has also upped his involvement, donating $1.02 million on top of a previous $2 million contribution.

The wealth tax, which is backed by state legislators and is set to appear on the 2024 ballot, would impose a 5% levy on individuals with a net worth exceeding $50 million. Proponents argue the measure is necessary to address California's growing inequality and fund crucial social services, while critics contend it would drive the state's wealthiest residents to flee.

Brin and Schmidt's massive donations underscore the high stakes for Google's leadership in the wealth tax battle. As two of the company's co-founders and most prominent figures, their personal fortunes are directly threatened by the proposed legislation.

The Super PAC funded by Brin and Schmidt, called the "California Policy Center", has already spent over $40 million on TV ads, mailers, and other efforts to sway public opinion against the tax. In contrast, supporters of the wealth tax have raised a comparatively modest $3.5 million so far.

With the 2024 ballot measure still over a year away, the fight over California's billionaire tax is sure to intensify in the coming months. Google's co-founders have clearly demonstrated their willingness to put their immense personal wealth on the line to protect their fortunes from the proposed legislation.