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A Google founder has more than doubled his financial contribution to the fight against a proposed wealth tax in California. New filings with the state show that former Alphabet president Sergey Brin donated $25m to a Super Pac dedicated to blocking the tax on top of $20m he had already given.
Brin is not alone among Google’s top brass in upping his financial stake in the campaign against the ballot proposal. The company’s former CEO Eric Schmidt donated $1.02m, adding to a previous $2m contribution.
The tech titans are battling the California Billionaire Tax act, often referred to simply as the billionaire tax. It’s a proposed ballot measure that would require any California resident worth more than $1bn to pay a one-off, 5% tax on their assets to help cover education, food assistance and healthcare programs in the state. It’s sponsored by the Service Employees International Union-United Healthcare Workers West, and is still in the signature-gathering phase.
If the measure reaches the ballot and gains voters’ approval, the tax would apply to billionaires based on their residency as of 1 January 2026. For Brin, worth about $247bn, the bill would likely be upwards of $12bn. That stipulation appears to have caused him and several other billionaires to leave California at the end of last year. Brin relocated to a $42m estate on the north-eastern shore of Lake Tahoe in Nevada, and his Pac donations show Reno as his address. Schmidt’s filings show his address as West Hollywood.
Dude is worth a quarter of a trillion
He can afford to spend 12.5bn on stopping this before he’s losing money
Frankly I’d be campaigning on this if I was an advocating politician of the bill. “He is willing to burn this money rather than pay a fair share into public finances to benefit everyone”
“The $45m he spent to fight this would’ve allowed us to renovate this school. The $12b he’d owe would let us renovate 100 schools. Or get X thousand of the homeless off the streets. Or fixed 10 million potholes.”
Make his name responsible for those things not happening.
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Define corporate profits.
Corporations have incredible amounts of ways to avoid saying they made any money at all, while keeping all the money as if they were profits but technically not.
Just look at Hollywood accounting for an extreme example.
Company A is spun up, “rents” everything from it’s parent, Company B, to make a movie. Movie releases and all the “profit” is marked as loss because Company A still owes Company B an insane amount.
it’s almost like corporations should be required to report all assets every year along with Thier taxable expenditures…
Yeah I just noticed I had replied to the wrong comment
Corporations don’t really pay taxes anymore. In the 50s 90% of taxes came from corporattions and businesses, now 90% is from individuals. They usually pay nothing, and even when they do pay something, they can reach back and unpay it with losses, for 3 years, or reach forward like 10 years to offset losses against tax.
To say nothing of all the tax breaks. They pay next to nothing, often nothing. Sometimes they pay negative taxes.
See my edit since it seems everyone missed what I was going for.
Edit: also, turns out I replied to the wrong comment. My bad
He has already left the state to avoid the tax according to the article. So he’ll pay nothing even if it passes. I suspect he’s funding the measure simply because he doesn’t want this to start some sort of nationwide precedent.