Google co-founder Sergey Brin donates $500,000 to California group leading the campaign against …
After ‘cutting ties’ with the US Silicon Valley, Google co-founder Sergey Brin is now shifting his massive financial weight into San Francisco local politics. According to recent campaign filings, Brin has contributed $500,000 to a political committee fighting a controversial local tax measure dubbed the “Overpaid CEO Tax.” At the same time, the tech mogul is using his wealth to support a competing, more business-friendly tax proposal, as per a report by The New York Post.The billionaire, whose net worth is estimated at $260 billion, recently moved out of Silicon Valley to a sprawling estate in Nevada. Located on the edge of Lake Tahoe, the base sits just outside the legal jurisdiction of California’s tax collectors.
Two tax measures in San Francisco
San Francisco voters are preparing to decide on Measure C and Measure D on the upcoming June 2 ballot. Both competing proposals aim to restructure the city’s business tax system. However, there is a problem from completely opposite directions.Measure C, which is a business-backed plan, is supported by local commerce groups. This measure would raise gross receipts tax exemptions for smaller businesses from $5 million to $7.5 million in revenue. To balance the budget, it would accelerate scheduled tax increases on large corporations.The Measure D (Overpaid CEO Act) is backed by labor unions and progressive organisations, this penalty tax would calculate a corporation’s executive-to-worker pay ratio using its entire global workforce, rather than just its San Francisco-based employees. The report said that it would raise overall tax rates and legally lock them in, meaning the city would require a full public voter approval to ever reduce them in the future.Meanwhile, the Chinese Progressive Association, representing the pro-Measure D coalition, stated that the stricter act is necessary “to make sure the wealthiest corporations pay their fair share.”Conversely, business advocates argue the law will damage local economy. Steven Buss, co-director of the political advocacy group GrowSF, said: “Measure D doubles down on the exact policies that are driving jobs out and driving vacancies up.”
Sergey Brin’s ‘personal war’ on wealth taxes
Brin’s financial intervention in San Francisco is part of a broader campaign against wealth redistribution laws. The tech pioneer has reportedly funneled tens of millions of dollars into fighting a separate, proposed statewide California billionaire tax that is expected to go before voters this November.Brin himself broke his usual public silence in April to explain exactly what is driving his aggressive political activism: “I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place.”
