Brin Dumps Over $100M into California Billionaire Tax Fight

Sergey Brin, co-founder of Google and Alphabet, has spent over $100 million to oppose California's proposed billionaire tax. The initiative, known as Proposition 40, aims to levy a one-time 5% tax on the state's 200 billionaires, with 90% of the revenue going towards healthcare and 10% towards education, food assistance, and administration.

The billionaire tax has been introduced in response to California's wealth inequity issue. The state has the highest number of residents living below the poverty line, despite having a GDP as large as the UK's. Brin, who is worth over $259 billion, could owe around $13 billion if the tax is implemented.

Brin has told the New York Times that he opposes the proposal because he fled socialism in 1979 and doesn't want California to become like the Soviet Union. He has also moved his businesses out of California and lists Nevada as his residence, according to state records.