{"id":5138,"date":"2026-08-11T17:33:15","date_gmt":"2026-08-11T17:33:15","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5138"},"modified":"2026-08-11T17:33:15","modified_gmt":"2026-08-11T17:33:15","slug":"google-co-founder-sergey-brin-has-now-spent-100-million-to-fight-californias-proposed-billionaire-tax-he-could-owe-13-billion-if-he-loses","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5138","title":{"rendered":"Google co-founder Sergey Brin has now spent $100 million to fight California\u2019s proposed billionaire tax\u2014he could owe $13 billion if he loses"},"content":{"rendered":"
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According to a filing from Friday, Brin donated an additional $20 million to Building a Better California, a PAC and political advocacy organization opposing the state\u2019s billionaire tax and supporting other pro-business policies and housing and infrastructure affordability. He has now given a total of $102 million to the group.\u00a0<\/p>\n

Read more \u2018Millennials are not punk kids anymore\u2019 \u2014 Ocasio-Cortez sees a \u2018generational tidal wave\u2019 driven by anger over economic futures sidelined by boomers<\/a><\/p>\n

Proposition 40, which will be on the ballot in November, would impose a one-time, 5% tax on California\u2019s 200 billionaires, with 90% of the revenue from the proposed measure going toward the state\u2019s healthcare program and 10% going toward education, food assistance, and administration. Brin, with a net worth of nearly $270 billion, could owe more than $13 billion as a result of the tax.\u00a0<\/p>\n

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California, the most populous state, has become the epicenter of the conversation around the K-shaped economy, or the diverging fortunes of those with wealth and those without it. While the Golden State has a $4 trillion GDP, making its economy about the same size as the United Kingdom\u2019s, it also has 18% of its residents living below the poverty line, the highest in the country, in part because of its high cost of living.<\/p>\n

The ballot measure has caused an uproar among some of California\u2019s wealthiest individuals such as former Google CEO Eric Schmidt and PayPal co-founder Peter Thiel, both of whom have donated to organizations against the measure. Brin compared the proposal to his socialist Soviet upbringing.<\/p>\n

\u201cI fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don\u2019t want California to end up in the same place,\u201d he told the New York Times<\/em> in a statement in April.<\/p>\n

California Governor Gavin Newsom has joined these tech billionaires in combating the measure, arguing the tax would hurt the state by eroding its tax base, ultimately reducing key revenue for social services.<\/p>\n

Read more We\u2019re not dancing like no one is watching anymore. Actually, we\u2019re just not dancing\u2014or talking, walking, or interacting anymore<\/a><\/p>\n

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\u201cThe fact is it actually will reduce investments in education,\u201d Newsom said in a Bloomberg Businessweek<\/em> interview earlier this year. \u201cIt will reduce investments in teachers and librarians, childcare. It will reduce investments in firefighting and police.\u201d\u00a0<\/p>\n

The opposition to Prop 40 may in some ways be a self-fulfilling prophecy, as billionaires including Brin shift business entities out of California in favor of states without similar wealth taxes. Brin now lists Nevada as his residence, according to state records. Larry Page, who co-founded Google alongside Brin, has converted several of his assets out of California, including Koop, his family office, which was incorporated in Delaware in December 2025. Oceankind, an ocean science nonprofit founded by Page\u2019s wife Lucy Southworth in 2018, was similarly incorporated in Delaware around the same time. Brin, for his own part, reportedly bought a $51 million home near Miami Beach in March.\u00a0<\/p>\n

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There\u2019s not yet clear evidence to indicate these billionaires\u2019 anxieties about the future of California are well-founded. On one hand, the six billionaires expected to leave California\u2014Brin, Page, Thiel, as well as car loan magnate Don Hankey, former Uber CEO Travis Kalanick, and director Steven Spielberg\u2014would have collectively generated about $27 billion in tax revenue, about one-fourth of the $100 billion the proposal is expected to raise through taxes over five years.<\/p>\n

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On the other hand, billionaires were already paying so little in California income tax that their departure may not pack as much of a punch as anticipated. A working paper published by the National Bureau of Economic Research in May noted that billionaires residing in the state paid $4.1 billion in income tax last year, about 0.2% of their collective $2 trillion net worth, meaning that even if every billionaire were to leave the state, it would take about 25 years for lost income tax revenue to cancel out the $100 billion sum California is projected to get from the tax. Even if a billionaire mass exodus included one-quarter of the state\u2019s wealthiest residents, it would take a century to equal the $100 billion windfall.<\/p>\n

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\u201cThe proposed one-off California billionaire tax of 5%, payable over 5 years, is both small relative to California billionaires\u2019 wealth gains and large relative to the taxes they currently pay,\u201d the authors wrote.<\/p>\n

Read more Iran issues long list of steep demands the U.S. must satisfy before the Strait of Hormuz will be reopened, including total compensation for war damage<\/a><\/p>\n

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The state\u2019s ultrawealthy, including Larry Page and Peter Thiel, have similarly donated to efforts opposing the wealth tax.<\/p>\n","protected":false},"author":1,"featured_media":5137,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-5138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth"],"yoast_head":"\nGoogle co-founder Sergey Brin has now spent $100 million to fight California\u2019s proposed billionaire tax\u2014he could owe $13 billion if he loses - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5138\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Google co-founder Sergey Brin has now spent $100 million to fight California\u2019s proposed billionaire tax\u2014he could owe $13 billion if he loses - 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