Google Billionaire Sergey Brin Compares California Wealth Tax To Soviet Union Socialism

Google co-founder Sergey Brin compared California's proposed one-time 5% wealth tax to Soviet-style socialism, spending $57 million to oppose it. Brin, whose family fled the Soviet Union when he was six, stated he doesn't want California to follow a similar path. The tax targets residents with assets over $1.1 billion and has prompted billionaires like Brin to leave the state. Supporters argue the tax is crucial for public health services, compensating for federal healthcare cuts. However, opponents, including Governor Gavin Newsom, fear it will harm California's economy by driving out wealthy residents. The union backing the tax has collected nearly 1.6 million signatures, exceeding the 875,000 needed to get the measure on the November ballot. Brin has moved 15 California LLCs out of state and bought property in Florida and Nevada. Larry Page, another Google co-founder, also relocated over 45 California LLCs and purchased a Miami mansion. Other billionaires, while critical, have not announced plans to leave due to business ties.