"Google cofounder Sergey Brin is one of the many California-based billionaires pouring millions into donations ahead of the state's proposed wealth tax. Brin, along with other tech executives, venture capitalists, and philanthropists, donated a combined $35 million to ballot measure committees in January, supporting affordable housing ballots in California, per a disclosure seen by Business Insider. The disclosure was filed by the coalition "Building a Better California." Brin was the largest contributor in the filing, donating $20 million. Others donated large sums on various days in January, like former Google CEO Eric Schmidt and PayPal CEO Max Levchin, who donated $2 million and $1 million, respectively."
"Brin's multimillion-dollar donation comes ahead of California's vote on a measure that would levy a one-time, 5% tax on billionaires in the state. The tax, due in 2027, would be imposed retroactively from January 1 this year. Groups like the one Brin donated to are part of a concerted push by billionaires to negate the need for the wealth tax, either by funding alternative programs or by funneling money into political action committees opposed to the measure."
Sergey Brin and other California-based tech executives, venture capitalists, and philanthropists donated a combined $35 million in January to ballot measure committees supporting affordable housing initiatives. The disclosure was filed by the coalition "Building a Better California." Brin contributed $20 million; Eric Schmidt and Max Levchin gave $2 million and $1 million, respectively. The donations precede a proposed one-time, 5% wealth tax on billionaires, scheduled for 2027 and retroactive to January 1. Donor groups are funding alternative programs or political action committees to counter the wealth tax. Some executives have moved related entities out of California.
Read at Business Insider
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