A coalition of California's wealthiest tech figures has poured more than $120 million into defeating a proposed billionaire wealth tax on the November ballot. Google cofounder Sergey Brin, who has moved assets out of the state, contributed $82 million, while venture capitalist John Doerr added $12 million, bringing their combined donations to $94 million. Peter Thiel gave $3 million to a separate opposition group.
The measure would impose a one-time 5% wealth tax on state residents and trusts with assets exceeding $1 billion. It landed on the ballot after last-minute negotiations involving Governor Gavin Newsom collapsed. The primary backer, healthcare workers union SEIU-UHW, has raised roughly $31 million in support — far less than the opposition war chest.
Among other prominent donors are former Google CEO Eric Schmidt and DoorDash CEO Tony Xu, joining a list of at least a dozen billionaires and tech elite. The total opposition spending exceeds $120 million, dwarfing the pro-tax campaign's resources. California is home to an estimated 214 billionaires, though only a fraction have publicly funded the fight.
If passed, the tax could trigger lengthy legal battles over its constitutionality and prompt further capital flight from the state. Critics argue it would drive wealthy residents and businesses away, eroding the tax base. Supporters counter that billionaires must pay their fair share to fund public services amid widening inequality.
Opponents frame the tax as punitive and legally vulnerable, warning it could set a precedent for other states to follow. The campaign highlights deepening tensions between California's progressive policymaking and its reliance on tech wealth.