Google co-founder commits $100M to oppose California's wealth tax

California voters are set to decide on Proposition 40, a measure proposing a one-time 5% wealth tax on residents with net worths over $1 billion, aiming to raise about $100 billion to address healthcare funding shortfalls. The initiative has become highly contested, with billionaires like Sergey Brin spending over $100 million to oppose it, citing concerns about economic impacts and potential migration of businesses and wealthy individuals. Supporters argue the tax is necessary to counter federal funding cuts and protect public programs, while opponents warn it could hurt California’s economy and drive away job creators.

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