Tech billionaires pour $120M into killing California’s wealth tax

TL;DR

Tech billionaires have poured over $120m into fighting California’s Proposition 40, a one-time 5% wealth tax on billionaires heading to the November ballot, against $31m raised by union backers. Sergey Brin leads with $82m and has moved assets out of state; Doerr, Moritz, Collison, Schmidt, Larsen, Thiel, and others follow. Donation figures come from campaign filings via Business Insider.

Silicon Valley’s wealthiest are spending heavily to stop California’s proposed billionaire tax, according to a Business Insider tally of campaign filings. Opponents have poured more than $120m into sinking or blunting the measure, roughly four times the $31m raised by its union backers.

Proposition 40 would impose a one-time 5% tax on residents and trusts worth over $1bn when Californians vote in November. Sponsor SEIU-UHW says the levy on the state’s roughly 200 billionaires would fund healthcare, food assistance, and education, with proponents projecting $100bn in revenue.

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