Tech Titans Bankroll Ballot Measures to Fight California 'Billionaire Tax'

Alphabet's Sergey Brin leads $35 million campaign to oppose proposed tax on the ultra-wealthy

Published on Feb. 22, 2026

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Alphabet executive Sergey Brin is spearheading a $35 million effort to combat California's proposed 'billionaire tax' through a series of ballot measures. The measures aim to ban new taxes that apply retroactively, prevent taxes on personal property like retirement savings, and require audits of programs funded by tax increases. Other tech leaders like former Google CEO Eric Schmidt and Stripe founder Patrick Collison have contributed millions to the campaign.

Why it matters

The proposed 'billionaire tax' in California is aimed at raising funds to address healthcare shortfalls, but tech titans view it as an attack on the state's innovation economy. This battle pits the interests of the ultra-wealthy against progressive efforts to tax the rich and fund public services.

The details

The ballot measures backed by Brin and other tech leaders would prohibit new taxes that apply retroactively, prevent taxes on personal property like stocks and intellectual property, and require audits of programs funded by tax increases. The group behind the measures, Building a Better California, has already raised $35 million for the campaign. Meanwhile, proponents of the 'billionaire tax' say it will generate much-needed revenue for California's healthcare system.

  • The ballot measures are expected to be introduced in the coming months ahead of the 2026 election cycle.
  • California Governor Gavin Newsom opposes the 'billionaire tax', while Senator Bernie Sanders visited Los Angeles this week to build support for it.

The players

Sergey Brin

Executive at Alphabet, Google's parent company, who is spearheading the $35 million campaign against the 'billionaire tax'.

Eric Schmidt

Former CEO of Google, who has contributed $2 million to the effort to fight the 'billionaire tax'.

Patrick Collison

Founder of Stripe, who has contributed $2 million to the campaign against the 'billionaire tax'.

Gavin Newsom

The Governor of California, who opposes the proposed 'billionaire tax'.

Bernie Sanders

U.S. Senator who visited Los Angeles this week to build support for the 'billionaire tax'.

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What they’re saying

“California is the world's fourth-largest economy and a global center of innovation. Yet, for decades, it has become increasingly hard for working families and businesses to live, grow, and thrive here. Between skyrocketing costs, a housing crisis, and some of the country's highest taxes — with less and less to show for it, the California dream is drifting out of reach for many.”

— Abby Lunardini, Spokesperson, Building a Better California (New York Post)

“While U.S. billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings & 21% of seniors are trying to survive on less than $15,000 a year. That's why I'll be in LA this week fighting for a wealth tax on billionaires.”

— Bernie Sanders (X (formerly Twitter)

What’s next

The ballot measures backed by Brin and other tech leaders are expected to be introduced in the coming months ahead of the 2026 election cycle in California.

The takeaway

This battle over the 'billionaire tax' highlights the growing divide between the ultra-wealthy and progressive efforts to address income inequality. While the tech titans view the tax as an attack on innovation, proponents argue it is necessary to fund critical public services. The outcome of this fight could have significant implications for the future of California's economy and politics.