Google co-founder Sergey Brin has more than doubled his financial contribution to the effort opposing a proposed wealth tax in California. Recent filings indicate Brin donated an additional $25 million to a Super Pac working to block the tax, on top of a previous $20 million contribution.
Brin is not the only tech industry leader involved. Former Google CEO Eric Schmidt has also increased his financial stake, donating $1.02 million in addition to a prior $2 million contribution.
The Proposed Tax
The tech executives are opposing the California Billionaire Tax Act, which would require California residents worth over $1 billion to pay a one-time 5% tax on their assets. Proceeds from the tax are intended to fund education, food assistance, and healthcare programs within the state. The measure is currently in the signature-gathering phase, sponsored by the Service Employees International Union-United Healthcare Workers West.
If enacted, the tax would be based on residency as of January 1, 2026. For Brin, whose net worth is approximately $247 billion, the tax could amount to upwards of $12 billion. The potential tax liability appears to have prompted Brin, and other billionaires, to change their primary residences.
The Super Pac receiving these donations is called Building a Better California. The group is also sponsoring a ballot measure called “Protect Retirements” which aims to prevent the retroactive application of the tax.
Building a Better California spokesperson Abby Lunardini stated the group is “thankful for the billionaires’ support” and focused on “long-term policy reforms” in the state, emphasizing a belief in both public investment and accountability for tax dollars.
Schmidt also contributed $1.04 million to the California Business Roundtable, another Super Pac opposing the tax. The California Business Roundtable has also received donations from Palantir co-founder Peter Thiel ($3 million), Ring founder James Siminoff ($100,000), and crypto billionaire Chris Larsen ($750,000). Building a Better California also received funds from Larsen ($2 million), DoorDash CEO Tony Xu ($2 million), and Stripe CEO Patrick Collison ($7 million).
Brin has turn into increasingly involved in political activity over the past two years, including attending a White House dinner. His former wife, Nicole Shanahan, was a vice presidential candidate in 2024. Schmidt has a history of working with multiple presidential administrations, including those of Obama and Biden.
Frequently Asked Questions
What is the California Billionaire Tax Act?
It’s a proposed ballot measure that would require California residents worth more than $1 billion to pay a one-time, 5% tax on their assets.
Who is opposing the tax?
Sergey Brin and Eric Schmidt, along with other tech industry leaders and venture capitalists, are donating to Super Pacs working to block the tax.
What is Building a Better California?
It’s a Super Pac receiving donations from Brin and Schmidt, dedicated to opposing the billionaire tax and sponsoring a separate ballot measure called “Protect Retirements.”
As the debate over this proposed tax continues, what impact will these substantial financial contributions have on the outcome of the November ballot measure?
