Brin and allies pour $102 million into beating a wealth tax
The move
Sergey Brin has put $102 million into Building a Better California, a campaign group he founded in January, to help defeat Proposition 40, a one-time 5% tax on the net worth of Californians worth more than $1 billion who lived in the state on Jan. 1, 2026. The measure, sponsored by the SEIU-United Healthcare Workers West and backed by Sen. Bernie Sanders and Rep. Ro Khanna, goes to voters on Nov. 3. Through Oct. 20, opponents had spent more than $304 million fighting Prop 40 and backing two counter-measures, Props 41 and 42, which could block the tax even if it passes. Other named contributors include Eric Schmidt, John Doerr, Patrick Collison and Michael Moritz. A Politico analysis found more than 70 current and former California billionaires have directed a record $612 million into state races this cycle.
Why it matters
A yes vote could cost Brin and other ultra-wealthy Californians a one-time payment worth billions combined, and a win for the opposition could become a template for beating similar wealth-tax pushes in other states.
The bear case
Backers say the tax hits only a few thousand people once and could raise tens of billions of dollars for healthcare, and some polling has shown public support for taxing billionaires.
What to watch
The Nov. 3 vote on Propositions 40, 41 and 42.
