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Billionaires · California · Tech Investment · Wealth Tax
California billionaires, including Google President of Technology Sergey Brin, venture capitalist John Doerr, Sequoia Capital Chairman Michael Moritz, and Stripe CEO Patrick Collison, are spending over $80 million to fund a counter-ballot measure and signature drive, offering up to $15 per signature, to block a proposed 5% wealth tax on assets over $1 billion.
The state's initiative targets billionaires to offset federal Medicaid cuts. "Building a Better California," a group nominally advocating for housing costs, has raised approximately $80 million since January, with $45 million from Sergey Brin, and has poured over $33 million into anti-wealth tax initiatives.
Other significant donors include John Doerr ($9.5 million), Michael Moritz ($7 million), Patrick Collison ($7 million), and former Google CEO Eric Schmidt (over $3 million). This high-compensation strategy, offering up to $15 per valid signature, has driven up market rates, contrasting with the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which relies on 5,000 unpaid healthcare worker volunteers.
California Governor Gavin Newsom expressed concerns that a wealth tax could lead to an out-migration of high earners and long-term revenue declines, a trend already observed with figures like David Sacks and Travis Kalanick relocating to Texas.
