Sergey Brin, the co-founder of global tech giant Google, shredded the newly proposed billionaire tax in the state of California, comparing it to the kind of socialism he fled with his family from in the former Soviet Union. Brin joined the exodus of other billionaires and common folk out of California to avoid the potential wealth tax that is expected to appear on ballots this fall.
The proposal would impose a one-time 5% tax on residents who have a net worth over $1 billion. The list of assets that might end up covered by the tax includes businesses, securities, art, collectibles, and intellectual property. However, actual property, pensions, and specific retirement accounts would be exempt from the exorbitant tax.
“I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place,” Brin went on to say in a statement to The New York Times concerning a story by the outlet that discussed his fleeing from the Golden State. The tax would also apply to residents who were residents of the state at the start of 2026.
This is why Brin left California to move out of the state late last year. According to FOX Business, the report from the Times cited an individual familiar with the arrangement, who explained that Brin moved to the Nevada side of Lake Tahoe and is spending every other week at Google’s headquarters located in the state of California.
The Times previously reported that in December, an entity with connections to the Google co-founder either terminated or relocated 15 California limited liability companies out of the Golden State, while several others were changed into Nevada entities. Those advocating for the tax say it would provide significant funding for a variety of public services.
Critics, however, say it’s going to be a disaster for the state economy, driving out companies and business owners responsible for a large percentage of job creation out of the state. If it is passed and becomes law, the tax bill would be due in 2027. Taxpayers will be given the option to spread out the payments over a five-year period.
Brin’s opposition to the wealth tax on billionaires inspired him to partner with other like-minded residents to create support for an effort to kill the measure. The Times also reported that Brin has created a pair of nonprofit groups to facilitate his political engagement concerning the wealth tax proposal. These groups have poured $57 million into building a Better California over the course of the last four months.
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Responding to an X post about Brin and his thoughts on the wealth tax, one user wrote, “Nothing says ‘please stay and keep building here’ quite like inventing a new way to tax the people still building there.” Another individual placed the blame squarely on the shoulders of Democratic California Gov. Gavin Newsom, saying, “Newsom is an idiot!” Another shared those same sentiments, saying simply, “This is Gov. Gavin Newsom’s fault.”
Featured Image: screenshot from embedded video