Sergey Brin spends $102 million to fight California billionaire tax

Google co-founder Sergey Brin has poured $102 million this year into Building a Better California, a nonprofit funding two ballot measures that could block California's proposed wealth tax on billionaires, according to filings with the California Secretary of State. His latest donation was $20 million Source: LA Times. Brin, with a net worth of about $284 billion, is the world's fourth-richest person Source: LA Times.

The measures

The group is bankrolling Propositions 41 and 42, which would impose new restrictions on state taxes. Prop 41 requires audits for new special taxes, and Prop 42 prohibits new taxes on retirement holdings and personal savings. Supporters say the measures aim to cut wasteful spending and protect savings, but the Legislative Analyst's Office says they could nullify the wealth tax if they receive more votes than Prop 40 Source: LA Times.

The tax

Prop 40 would impose a one-time 5% tax on the net worth of about 200 billionaires residing in California, with 90% of revenue funding healthcare and 10% for education and food assistance. Supporters estimate it could raise roughly $100 billion to offset federal funding cuts Source: LA Times. TechCrunch notes that Brin's tax bill could be around $13.3 billion Source: TechCrunch.

The reaction

SEIU-UHW Vice President Debru Carthan called Brin's spending "shameful," saying billionaires pay lower tax rates than working families Source: LA Times. Governor Gavin Newsom has expressed concern about billionaires fleeing the state and has called for a national billionaires' tax Source: TechCrunch. In contrast, Nvidia co-founder Jensen Huang said he is "perfectly fine" paying the tax Source: TechCrunch.

Voters will decide on Prop 40 and the other measures in November.