Brin Battles Billionaire Tax, Warns of Socialist Backlash

California's billionaire tax proposal has faced opposition from Google co-founder Sergey Brin, who has donated $102 million to a political advocacy group opposing the tax. Brin compared the proposal to socialism, warning that it could create an oppressive society in California.

Brin's opposition comes amid a broader exodus of billionaire wealth from California, with over $700 billion leaving the state earlier this year. The tax, known as Proposition 40, aims to impose a one-time 5% tax on California's 200 billionaires, with revenue going towards the state's health care program.

California Governor Gavin Newsom opposes the state's billionaire wealth tax, warning it could drive wealthy residents away and shrink revenue for social services. However, he supports a federal minimum tax on Americans with more than $100 million in assets.