California's Billionaire Tax Is Trailing After Silicon Valley's Wealthiest Spent Millions To Stop It.

Source: International Business Times

Google co-founder Sergey Brin, pictured at the 2026 Met Gala in New York City on May 4, contributed $102 million to a campaign opposing California's proposed billionaire tax. Getty Images California's proposed billionaire tax was heading toward defeat Wednesday, even as Democrats celebrated sweeping victories across the country. The ballot measure, which would impose a one-time 5% tax on the state's wealthiest residents, faced fierce opposition from Silicon Valley billionaires who helped raise hundreds of millions of dollars to stop it.