Brin Spends $100 Million to Block Billionaire Tax

Google co-founder Sergey Brin has donated another $20 million to Build a Better California, an organization opposing the proposed billionaire tax in California. This donation brings his total spending on this issue to over $100 million, which is intended to avoid an estimated $13.3 billion tax payment if Prop 40 passes.

The proposal, known as the billionaire tax, would impose a one-time 5% tax on the net worth of around 200 billionaires living in California. The funds generated from this tax would go towards funding the state's healthcare programs, with an estimated $30 billion benefit for Medicaid alone.

However, Brin is not the only tech mogul seeking to avoid this tax. Meta founder Mark Zuckerberg has reportedly purchased a $170 million mansion near Miami, while former Uber CEO Travis Kalanick and venture capitalist Peter Thiel have left the state. Even Larry Page, Brin's fellow Google co-founder, has followed suit.

California Governor Gavin Newsom has expressed concerns about the economic impact of these billionaires fleeing the state. He has called for a 'national billionaires' tax', arguing that the current system allows the ultra-wealthy to avoid paying taxes through their stock portfolios. Newsom notes, 'Today, the office worker can shoulder a higher tax rate than the heiress.'