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Google co-founder spends $45m in fight against California billionaire tax (www.theguardian.com)

submitted 14 hours ago by HellsBelle@sh.itjust.works to c/news@lemmy.world

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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.

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[–] endlesseden@pyfedi.deep-rose.org 4 points 9 hours ago (1 children)

it's almost like their should be capital interest tax and loan resurgence limits, that require a federal application and limits on how it can be used (like home and auto loans are)

[–] teyrnon@sh.itjust.works 2 points 9 hours ago

It is an easy fix yes, borrow against value to get money, get taxed on it, at least sometimes. Other fixes are needed. Thiel packed paypal shares into an IRA and walked away with billions tax free I guess.

We should allow individuals to tax themselves like a corporation too, subtract all of our expenses from our earnings and pay taxes on the remainder, then find taxes from those that can afford them, like the rich.