Silicon Valley spent $425m to defeat California’s billionaire wealth tax
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Google co-founder Sergey Brin and other tech figures funded the costliest opposition campaign in California history, nearly $425m, to defeat Proposition 40, a one-time 5% tax on billionaire wealth poised to lose by double digits. Brin gave at least $132m, Eric Schmidt over $48m, with more from Palantir, DoorDash, Stripe and Reddit executives. Brin also helped pass Proposition 42, which bans taxation on billionaire wealth.
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