Billionaires Open the Purse to Fight California Wealth Tax
Brin’s group disclosed $20 million from other Silicon Valley billionaires as it backs competing measures that could void the proposed tax.
- Sergey Brin's political group, Building a Better California, has raised over $102 million this election cycle to oppose California's Proposition 40, the Billionaire Tax Act, with contributions from billionaires including John Doerr and Chris Larsen.
- Proposition 40 proposes a one-time 5% tax on individuals with assets of $1 billion or more and has qualified for the November ballot after collecting over 875,000 signatures.
- Opponents argue the tax would create a permanent budget hole, potentially decreasing state income tax revenue by billions and reducing funding for schools, public safety, and healthcare.
- Proponents assert the tax would help address significant federal healthcare funding cuts, while critics including Governor Gavin Newsom, Mark Cuban, and others are concerned about economic impacts and the possibility of billionaires leaving the state.
13 Articles
13 Articles
The debate on a wealth tax for super-rich people in California is causing trouble in Silicon Valley. Billionaires are trying to vote for themselves with a lot of money in November.
California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth
Billionaires have amassed a nine-figure war chest to defeat Proposition 40 as polls show California voters are nearly split on the one-time tax.
Hastings Tribune
Billionaires open the purse to fight California wealth tax
SACRAMENTO, Calif. — A billionaire-funded political group gave a $5-million donation to the campaign opposing California's proposed wealth tax, the first of many expected in the expensive fight over a ballot question dividing the state.
Billionaires from California have invested almost 40 million dollars these days in the campaign against the proposed wealth tax that will be on the ballot in this American state in November, writes the Financial Times today.
California’s Billionaires Fight Back as $110 Million War Chest Targets 5% Wealth Tax
California’s wealthiest residents are mounting an increasingly expensive campaign to defeat a proposed one-time tax that would take 5% of the net worth of residents holding more than $1 billion in assets. The measure, Proposition 40, is scheduled to go before voters in November and is designed to raise money for healthcare in the state. But as the election approaches, a growing group of billionaires and multimillionaires is investing heavily in …
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