Billionaires Battle California's Wealth Tax | US News

California’s billionaire tech elite are unleashing a $118 million war chest to kill a proposed one-time 5% wealth tax targeting the ultra-rich — aimed at funding Medi-Cal, schools, and food aid — as voters head to the ballot this November. Google’s Sergey Brin leads the charge with $82 million, joined by John Doerr, Michael Moritz, and Stripe’s Patrick Collison, while opposition funds are split across multiple PACs. Meanwhile, supporters like SEIU have raised $31 million, arguing the tax could rescue state budgets from looming federal cuts — even as critics warn it might trigger a brain drain of top earners and cost California billions in lost revenue. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/17cc678c3d6cb63a