California billionaires tax in peril as opposing measures backed by Google founder land on ballot

Source: New York Post

Google co-founder Sergey Brin is backing a pair of ballot initiatives that oppose California’s controversial proposed billionaire tax in a high-stakes showdown ahead of the November election. The two counter-measures — aimed as scuttling a proposed 5% levy on residents with assets exceeding $1 billion — would prohibit new taxes on a person’s financial assets and increase audits of programs funded by such taxes. 3 FilmMagic The group that authored the initiatives, Building a Better California, has benefitted from $57 million in donations from Brin along with $36 million from other billionaires and business leaders, The Wall Street Journal reported.