Story perspectives

Silicon Valley Donates $66 M to Block California Wealth Tax

5/28/2026

Summary

Story summary

Sergey Brin contributed $66 million to a political action committee opposing California’s proposed billionaire wealth tax.
Peter Thiel, Chris Larsen and other Silicon Valley leaders donated multi-million sums to anti-tax groups such as Building a Better California and Golden State Promise.
Tom Steyer booked more than $195 million in ads, about twenty times Xavier Becerra’s spending, while labor unions and candidate Ada Briceño condemned the $6 million tech-donor support for Proposition C.

History

Historical Context

In June 1978 California voters approved Proposition 13, slashing property-tax rates to 1% and capping assessment growth at 2%, which cut local tax revenue by about 60% the following year. Activist Howard Jarvis founded the Howard Jarvis Taxpayers Association to protect the law; after his 1986 death Joel Fox led it. Today donors such as Sergey Brin and Peter Thiel fund anti-wealth-tax groups, echoing the original anti-tax coalition.

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Story summary

Sergey Brin contributed $66 million to a political action committee opposing California’s proposed billionaire wealth tax.
Peter Thiel, Chris Larsen and other Silicon Valley leaders donated multi-million sums to anti-tax groups such as Building a Better California and Golden State Promise.
Tom Steyer booked more than $195 million in ads, about twenty times Xavier Becerra’s spending, while labor unions and candidate Ada Briceño condemned the $6 million tech-donor support for Proposition C.

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