Sen. Bernie Sanders (I-Vt) criticized Alphabet‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google co-founder Sergey Brin for his efforts to oppose California’s proposed billionaire tax, highlighting the wealth he amassed since President Donald Trump‘s election.
On Tuesday, Sanders took to X and pointed out that Brin has made $140 billion since Trump was elected.
If California’s one-time 5% wealth tax were to pass, Brin would owe $14 billion but would still have a net worth of $270 billion. Despite this, Brin is reportedly spending $100 million to “defeat the proposal.”
According to Forbes, Sergey Brin’s net worth stands at $260 billion.
Sergey Brin has made $140 billion since Trump was elected.
— Bernie Sanders (@BernieSanders) August 11, 2026
If California passes its one-time 5% wealth tax, he would owe $14 billion and still be worth $270 billion.
So what is he doing? Spending $100 million to defeat the proposal.
FIGHT OLIGARCHY. TAX BILLIONAIRE WEALTH.
Brin Leads Fight Against California Tax
Brin has been actively opposing the tax, donating an additional $20 million to Building a Better California, a political advocacy group opposing California’s billionaire tax and backing pro-business policies. His total contributions to the group have now reached $102 million.
Sergey Brin criticized California’s billionaire tax proposal, comparing it to the socialism he experienced growing up in the Soviet Union. He told the New York Times that he fled the USSR with his family in 1979 and warned that such policies could create a similarly oppressive society in California.
Brin’s opposition to the tax comes amid a broader exodus of billionaire wealth from California. Earlier this year, he reportedly moved or terminated 15 California limited liability companies, some of which were re-registered in Nevada. Venture capitalist Chamath Palihapitiya said more than $700 billion in billionaire wealth has left the state earlier this year.
Newsom Warns California Tax Could Drive Wealth Away
This tax, known as Proposition 40, is set to appear on the November ballot. It aims to impose a one-time 5% tax on California’s 200 billionaires, with the majority of the revenue going towards the state’s health care program.
California has become a focal point of the K-shaped economy debate, combining a roughly $4 trillion economy with stark income inequality. Despite its economic strength, 18% of residents live below the poverty line, the highest rate in the U.S., partly due to the state’s high cost of living.
Notably, California Gov. Gavin Newsom opposes the state’s billionaire wealth tax, warning it could drive wealthy residents away and shrink revenue for social services. However, he supports a federal minimum tax on Americans with more than $100 million in assets, arguing a nationwide tax would be harder for the wealthy to avoid by relocating.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: USA TODAY Network via Reuters Connect
