Tech Billionaires Spend Over $120M to Block California Wealth Tax

Tech billionaires have poured over $120 million into fighting California's Proposition 40, a one-time 5% wealth tax on billionaires. Google co-founder Sergey Brin leads the opposition with $82 million, while supporters have raised $31 million. The tax, proposed for November's ballot, aims to fund healthcare, food assistance, and education.

The opposition has been vocal in their criticism of the tax, with Brin comparing it to Soviet socialism. He has also moved his assets out of state, taking advantage of a key January deadline. Other tech billionaires, including Doerr, Moritz, Collison, Schmidt, Larsen, and Thiel, have also donated to the opposition.

Supporters of the tax, backed by unions, argue that it's necessary to address California's wealth gap. They estimate that the tax would generate $100 billion in revenue, which would be used to fund healthcare, food assistance, and education. The tax would apply to residents and trusts worth over $1 billion.

The outcome of the ballot measure is uncertain, but one thing is clear: the tech industry is pulling out all the stops to block it. As the November election approaches, the debate over Proposition 40 will only continue to intensify.