politics
Google co-founder Sergey Brin has now spent $100 million to fight the billionaire tax
California's Prop 40 would impose a one-time 5% tax on the net worth of the state's billionaires.
TL;DR
- Sergey Brin has donated another $20 million to oppose California's proposed billionaire tax (Prop 40).
- Brin has now spent over $100 million to fight the tax, which could cost him an estimated $13.3 billion.
- Prop 40 would impose a 5% tax on the net worth of approximately 200 billionaires in California, with funds designated for healthcare.
- Other tech moguls, including Mark Zuckerberg, Peter Thiel, and Larry Page, have reportedly left California.
- California Governor Gavin Newsom opposes the state's proposed tax, preferring a "national billionaires’ tax" and advocating for an end to "tax-free lifestyle loans."
- Nvidia co-founder Jensen Huang stated he is "perfectly fine" with paying the tax, estimating his potential tax burden at around $8 billion.