California has proposed a tax on billionaire assets to fund healthcare. Google co-founder Sergey Grin has poured more than $100M trying to block it

The battle over a potential tax on billionaire assets in California is heating up as massive amounts of money pour into the state campaign scene. Google co-founder Sergey Brin has contributed a staggering $102 million this year to a group called Building a Better California, which is actively working to block a proposed wealth tax, the Los Angeles Times reported. This massive financial backing highlights the intensity of the fight between the state’s ultra-wealthy residents and proponents of the new tax plan.

Brin, who holds a net worth of $284 billion according to the Bloomberg Billionaires Index, is currently the fourth-richest person in the world. His most recent donation to the cause reached $20 million. Building a Better California describes itself as a nonpartisan organization that supports ideas to improve the quality of life for residents while protecting economic growth. The group also focuses on affordable housing initiatives, though it declined to comment on Brin’s specific contributions.

Proposition 40 is the primary proposal, which would impose a one-time 5% tax on the assets of billionaires who lived in California on January 1. Supporters of the measure, including the California Democratic Party, Senator Bernie Sanders, and the Service Employees International Union United Healthcare Workers West, estimate it could raise roughly $100 billion to help offset federal funding cuts for healthcare, education, and food assistance.

The core of the dispute involves three different ballot measures that voters will decide on in November

On the other side, Building a Better California is funding Propositions 41 and 42. Proposition 41 would require audits for new special taxes and bar any new taxes that exempt their revenue from state spending limits.

Proposition 42 is designed to prohibit new taxes on retirement holdings, individually-owned assets, and other forms of personal savings, while also barring retroactive taxes on past earnings. According to the Legislative Analyst’s Office, these two measures conflict directly with the billionaire tax. If either measure receives more votes than Proposition 40, it would effectively nullify the wealth tax entirely.

The opposition to the wealth tax is significant and includes powerful entities like the California Chamber of Commerce, the California Teachers Assn., Planned Parenthood Affiliates of California, and Governor Gavin Newsom.

Many opponents worry that a tax of this nature will drive billionaires to leave the state, which they believe would harm the overall economy. Brin himself has already relocated to Nevada and is reportedly purchasing property in Florida. In April, he told the New York Times that he fled socialism with his family in the 1970s and does not want California to end up in the same place.

Critics of the opposition campaign are not holding back. SEIU-UHW Vice President Debru Carthan said in a statement, “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. Billionaires already pay much lower tax rates than what working families pay out of every paycheck.”

Beyond Brin, the funding for Building a Better California includes contributions from several high-profile figures. Supporters of the wealth tax argue that these measures are intended to trick voters into blocking the proposal. Other contributors to the opposition group include Ripple Labs co-founder Chris Larsen, venture capitalist Ron Conway, and executives from companies like DoorDash, Affirm, and Stripe. Former Google Chief Executive Eric Schmidt has also contributed to the group.