A group backed by Google co-founder Sergey Brin and other wealthy tech investors is working to counter a proposed one-time tax on California’s richest residents.
The coalition of billionaires who stand to be affected by the wealth tax has made a significant move. They have reserved nearly $87 million for advertising across California to broadcast TV commercials. These ads will start airing next month and mark the beginning of an anticipated expensive campaign.
The contested measure, Proposition 40, scheduled for the November ballot, aims to implement a one-time tax on individuals in California with a net worth of at least $1 billion. This potential tax has already prompted some of the wealthiest individuals in the state to relocate or spend unprecedented amounts on political campaigns.
Instead of directly opposing the tax proposal, the billionaire-backed group, Building A Better California, has introduced two tax-related measures onto the ballot. These contain clauses that could negate the billionaire tax if they are passed.
The filings related to these advertising plans do not indicate which specific measures the commercials will focus on.
Our coalition is committed to ensuring that all California voters are informed about policies that impact our state’s future and economy.
Abby Lunardini, spokesperson for Building A Better California, stated that the supported measures offer sensible protections intended to enhance state accountability and governance while safeguarding families from new taxes on retirement and savings.
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