Today's Business Headlines 01/27/26
Google co-founder Sergey Brin and former Google CEO Eric Schmidt have banded together with some of Silicon Valley’s wealthiest moguls to create a new, pro-business organization that is poised to lobby against the proposed billionaire tax in California .
The organization, Building a Better California, is planning to wield its influence by backing political candidates and ballot initiatives throughout the state,Google co-founder Sergey Brin donated $20 million to an influence group likely to lobby against a proposed wealth tax in California.Campaign filings cited by Bloomberg News show that Building a Better California has raised $35 million, including a $20 million donation from Brin. Building a Better California has already spent $11 million backing ballot initiatives aimed at boosting middle-class homeownership and reforming California’s environmental review law.Inside the billionaire enclaves just out of reach of California's wealth taxOthers said to be involved in the initiative include crypto billionaire Chris Larsen, venture capitalist Mike Moritz, DoorDash co-founder Tony Xu and tech investors John Doerr, Max Levchin and Patrick Collison. Stewart Resnick, co-owner of The Wonderful Company, donated $2 million — the largest contribution from a donor outside of tech, according to Bloomberg News.The group is expected to support extending a temporary tax on incomes over $250,000 that funds schools and health care and is set to expire in 2030.The wealth tax proposal has sparked a sharp backlash from members of the tech elite before it has even reached the ballot. The measure, backed by the Service Employees International Union–United Healthcare Workers West, would apply retroactively to anyone living in the state as of Jan. 1, and is projected to raise roughly $50 billion to $60 billion if approved by voters in November. Several of California’s wealthiest residents have already taken steps to leave or scale back their presence in the Golden State.Venture capitalist Peter Thiel has expanded his footprint in Florida, while investor David Sacks relocated from San Francisco to Austin, Texas, before the Jan. 1 cutoff.Critics of the wealth tax say it will lead to an exodus of well-heeled residents from the state. California Gov. Gavin Newsom is pictured.Tax advisers say a number of other billionaires got out of Dodge before the deadline.Nvidia CEO Jensen Huang, one of the richest people in California who potentially faces one of the largest individual tax bills, said he is “perfectly fine” with paying the tax and remaining in Silicon Valley. Real estate developer John Sobrato has also said he is not moving, though he expects the measure to fail.Inside the billionaire enclaves just out of reach of California's wealth taxNoem and Stephen Miller at odds over Pretti killing, Charlie Kirk’s alleged assassin in court Google co-founder Sergey Brin donated $20 million to an influence group likely to lobby against a proposed wealth tax in California.Critics of the wealth tax say it will lead to an exodus of well-heeled residents from the state. California Gov. Gavin Newsom is pictured.
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