Billionaire Google Co-Founder Pumps $102 Million Into Fighting California Wealth Tax
Article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
“Sergey Brin would rather spend $100 million to fund a shady opposition campaign than simply pay his fair share in taxes so millions of Californians don’t lose their healthcare.”
Google co-founder Sergey Brin, one of the richest men in the world, has spent more than $100 million backing a group seeking to stop a popular California ballot initiative that would impose a one-time tax on the wealth of the state’s billionaires.
New filings reported by The Los Angeles Times detail Brin’s role in funding Building a Better California, which is pushing two ballot measures that would undercut and potentially nullify the proposed billionaire wealth tax. Building a Better California is also spending directly against the proposed tax, pumping at least $5 million into “no” efforts.
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If passed, revenue from the 5% billionaire wealth tax would be used to offset federal Medicaid cuts and bolster the state’s education system. The proposal will be on California’s November ballot as Proposition 40, and the two billionaire-backed initiatives are Propositions 41 and 42.
Debru Carthan, the vice president of Service Employees International Union-United Healthcare Workers West, said in a statement that “California billionaire Sergey Brin would rather spend $100 million to fund a shady opposition campaign than simply pay his fair share in taxes so millions of Californians don’t lose their healthcare.”
“That’s shameful,” Carthan added. “Billionaires already pay much lower tax rates than what working families pay out of every paycheck.”
Proposition 40 has been endorsed by the California Federation of Labor Unions, the California Nurses Association, and the California Democratic Party, as well as prominent progressive lawmakers such as Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.).
But the measure has drawn opposition from powerful forces in California, including Gov. Gavin Newsom, the California Chamber of Commerce, and the California Teachers Association.
Brin is not the only billionaire financing efforts to defeat the proposed wealth tax in California, which is home to more billionaires than any other US state. Ripple Labs co-founder Chris Larsen, PayPal co-founder Peter Thiel, and venture capitalist Ron Conway have also spent against the ballot initiative.
Economists Emmanuel Saez and Gabriel Zucman have estimated that, between 2019 and 2025, California’s billionaires paid on average just 0.26% of their wealth each year in state income taxes.
“For the very richest individuals, the effective burden was even lower. The four wealthiest Californians—Mr. Brin, Mr. Huang, Mr. Page and Mr. Zuckerberg—paid an average of just 0.07% of their wealth annually in California income tax over that period,” Saez and Zucman wrote. “This trailblazing wealth tax would be a small (for the ultrawealthy) but important (for everyone else) step toward raising needed tax revenue and curbing the state’s runaway inequality.”
Article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
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