Google co-founder Sergey Brin has sharply criticized California’s proposed one-time 5% wealth tax on residents worth at least $1.1 billion, comparing the measure to the socialist system of the former Soviet Union.
In remarks reported by The New York Times, Brin said his family fled socialism in 1979 and warned that California risked heading down a similar path if the levy is enacted.
The proposed tax targets the ultra-wealthy and is being pushed by labor groups seeking funds to offset federal healthcare cuts. Supporters say around 90% of proceeds would go toward public health services. Critics, including Gavin Newsom, argue the policy could damage the state’s tax base by encouraging wealthy residents to relocate.
The debate comes amid a broader migration of billionaires from California to lower-tax states, especially Florida. Brin, Larry Page, Mark Zuckerberg and Peter Thiel have all reportedly purchased homes there in recent years.
Others linked to departures include Larry Ellison, Travis Kalanick and Andy Fang. Some are said to have moved to Texas or Nevada.
Not all tech leaders oppose the proposal. Jensen Huang has publicly said he is comfortable with the idea.
Election officials are now expected to verify signatures submitted by organizers seeking to place the measure on California’s November ballot.
