Sergey Brin pours over $100 million into fight against California wealth tax
California voters will decide on Proposition 40, a one-time 5% tax on billionaires' wealth that would mostly pay for health care, The Guardian and the New York Post reported. Google co-founder Sergey Brin has put more than $100 million into the fight against it, the two papers reported. Governor Gavin Newsom also opposes it.
California voters will decide on Proposition 40, a one-time 5% tax on the wealth of the state's billionaires, The Guardian and the New York Post reported. Most of the money would go to health care, the outlets reported. The tax would be paid starting in 2027 in up to five yearly installments, and it could raise an estimated $100 billion, the New York Post reported. The vote is November 3.
Opponents have raised more than $340 million and are spending more than $1 million a day to defeat the measure, according to state financial disclosures, The Guardian reported. Google co-founder Sergey Brin has given at least $102 million, and former Google CEO Eric Schmidt more than $42 million, according to campaign finance filings, The Guardian reported. The yes campaign has raised just under $33 million, the outlet reported. The New York Post reported that Brin has spent more than $100 million on ads against the measure.
The measure is sponsored by the Service Employees International Union-United Healthcare Workers West and backed by Senator Bernie Sanders and Representative Ro Khanna, The Guardian and the New York Post reported. Governor Gavin Newsom and Democratic candidate for governor Xavier Becerra oppose it, as does Planned Parenthood, the outlets reported. Newsom has argued that a wealth tax could hurt California as some billionaires consider leaving, the Post reported.
The union says the money would preserve health care for 3.4 million Californians, The Guardian reported. "No amount of billionaire spending is going to intimidate us or turn us back," said Debru Carthan, a spokesperson for the yes campaign, according to The Guardian.
Polls differ by pollster and date. A late September University of California poll had 45% for the tax and 42% against, The Guardian reported. A Mason-Dixon poll in September had 48% for and 39% against, while a Manhattan Institute poll early this month had "no" ahead 50% to 35%, the New York Post reported. Two other measures on the ballot, Propositions 41 and 42, could block the tax if they get more yes votes, The Guardian reported.
What we know: Voters will decide on the one-time tax on November 3, and billionaires are spending heavily against it.
What we don't: Whether the tax will pass, and how Propositions 41 and 42 will affect it.
Where outlets agree The Guardian and the New York Post report that Proposition 40 is a one-time 5% tax on billionaires' wealth, mostly for health care, and that Sergey Brin has put more than $100 million into opposing it.
Where they differ The outlets cited here report the same key facts so far.
That’s the last story in this edition. See every brief from Sun, Oct 18, 2026.