Ultra-rich spend $1M/day fighting California billionaire tax
The gist
Opponents of California's Proposition 40 have raised over $340m and spend $1 million a day.
The early-November vote could set the stage for wealth taxes in other states.
How it unfolded
- Oct 14, 2026Google cofounder Sergey Brin is reported as the biggest donor to the anti-tax effort, contributing $102 million to Building a Better California; he could face a tax bill of about $13 billion if the measure passes.
- Oct 16, 2026Spending against California's billionaire tax is reported to have reached more than $1 million a day, and tech billionaires are reported to have raised more than $340m to fight it.
- Oct 17, 2026California's ultra-rich are reported to be preparing a legal strategy to fight the tax if voters approve it in early November; opposition groups have collectively raised more than $187 million, compared with roughly $32 million raised by supporters.