Google Co-Founder Sergey Brin pumping $45 million to fight California’s ‘Billionaire Tax’

A high-stakes battle is brewing over California’s proposed “billionaire tax,” with Silicon Valley heavyweights already pouring millions into efforts to stop it.

Sergey Brin, the billionaire co-founder of Google, has committed roughly $45 million to a group opposing the measure called Building a Better California, according to the Wall Street Journal.

In total, Building a Better CA has raised about $80 million to fight the tax — funding campaigns, ads and ballot efforts.

The initiative would impose a one-time 5% tax on individuals worth more than $1 billion, with supporters arguing the money would fund health care and other public programs.

Backers of the measure, led by labor leader Dave Regan, turned to the ballot after similar wealth tax proposals stalled in the Legislature.

Regan told Politico that Gov. Gavin Newsom, who opposes the tax, personally urged him to abandon the effort during a private meeting late last year.

“He said — seriously — ‘Dave, what I would really like for Christmas is for you to withdraw the billionaire tax ballot initiative,’” Regan recalled.

Regan said he pushed back: “Governor, this is our solution. We have a solution. Do you have a solution?”

“And he said, ‘I do not have a solution.’”

A spokesperson for Newsom declined to comment on the private conversation.

Efforts to pass a wealth tax through the Legislature had previously failed to gain traction, in part because of the high vote threshold required for new taxes.

“Legislatively, it was totally impossible,” said Emmanuel Saez, who has worked on wealth tax proposals.

Opposition to the ballot measure has been swift and well-funded. Wealthy donors and business leaders argue the tax could drive investment, and tax-payers, out of California.

Recent reporting has found that some billionaires have already cut ties with the Golden State or are considering doing so, including figures such as Larry Page, Peter Thiel and David Sacks, amid concerns about potential tax exposure.

According to a recent analysis, the departures could carry a significant fiscal impact, with Page and Brin alone accounting for roughly $25 billion in lost revenue.

With tens of millions of dollars already flowing into opposition campaigns, and more expected, the proposed tax is shaping up to be one of the most closely watched and expensive ballot fights in California.