Billionaire Rivals Clash Over Wealth Tax Efforts

Eric Schmidt, former Google CEO and billionaire investor, is at odds with fellow billionaire Sergey Brin over the direction of their joint effort to kill California's proposed wealth tax.

The disagreement stems from Building a Better California, Brin's $100 million operation that has suffered mission creep in its efforts to reshape state politics. The group was initially focused on killing the wealth tax but has since taken positions on six different ballot measures.

Schmidt is reportedly furious with the group's tactics and their failure to stop the billionaire tax from being endorsed by the California Democratic Party. The party's endorsement came after the group spent millions of dollars on counter-measures, including Propositions 41 and 42, which would have made it more difficult to apply funds reaped from the wealth tax.

Despite Schmidt's concerns, Brin has continued to invest heavily in Building a Better California, committing an additional $20 million to the effort. The group has also reserved nearly $87 million for TV commercials to air across the state before November's election.