Updated

Updated · The New York Times · Aug 25

Sergey Brin-Backed Campaign Launches $90 Million Blitz Against California 5% Wealth Tax

Updated

Updated · The New York Times · Aug 25

Sergey Brin-Backed Campaign Launches $90 Million Blitz Against California 5% Wealth Tax

1 articles · Updated · The New York Times · Aug 25

$90 million in planned spending hit California’s airwaves Tuesday as a campaign backed by Google co-founder Sergey Brin rolled out its first ad against Proposition 40.
The November ballot measure would impose a one-time 5% tax on California residents worth at least $1 billion, targeting total wealth including stocks, trusts and personal possessions.
Supporters of the tax — backed by a health care workers union — have reserved just $8,000 in ads so far, leaving opponents with an airtime advantage of more than 11,000 to 1.
If voters approve Proposition 40, California would enact the nation’s first tax on a person’s total wealth, setting up a high-stakes test of taxing billionaires by ballot initiative.

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Could California's unprecedented 5% billionaire tax trigger a mass exodus, or will legal loopholes protect the ultra-wealthy before November?

If courts strike down this historic wealth tax as unconstitutional, who will foot the bill for California's looming healthcare crisis?

Will a $90 million opposition campaign crush the first U.S. wealth tax, or can a massive healthcare windfall win over divided voters?

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