Eric Schmidt Clashes With Sergey Brin Over $100 Million Anti-Tax Campaign

1 articles · Updated · Fortune · Aug 21

$100 million-plus raised to defeat California Proposition 40 has become a new fault line between Eric Schmidt and Sergey Brin, with Schmidt objecting to money being used beyond the billionaire-tax fight.
Schmidt’s frustration grew after California Democrats endorsed the wealth-tax measure with 61.7% support and rejected the coalition-backed countermeasures, undercutting the campaign’s political effectiveness despite heavy spending.
An adviser said Schmidt’s only current political involvement is funding the effort against Proposition 40, while Building a Better California has also directed resources toward other ballot measures including Proposition 45.
Brin has supplied more than $100 million to the group, compared with Schmidt’s more than $3 million, to fight a one-time 5% tax on California residents worth over $1 billion that could raise tens of billions.