California Billionaires Break Spending Record to Block Wealth Tax
Opponents of California's proposed one-time 5% wealth tax on billionaires have injected a record $612 million into state elections, with nearly half dedicated to defeating Proposition 40. This unprecedented outlay, sourced from over 70 current and former billionaires, marks the highest spending ever recorded for a political cause in the state. The campaign highlights a rare display of unity among Silicon Valley's typically fragmented donor class, led by Google co-founder Sergey Brin, who is the largest contributor. Other major donors include Eric Schmidt, John Doerr, Patrick Collison, and Chris Larsen. Tech leaders indicate that the threat of the tax has accelerated broader political coordination, potentially establishing networks for future campaigns. The measure, which aims to fund healthcare and education, faces intense opposition from wealthy residents who argue it will trigger capital flight and reduce state revenue.