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Brin and Schmidt Fund Fight Against California Wealth Tax

8/22/2026

Summary

Story summary

United States billionaire Sergey Brin and former Google CEO Eric Schmidt are financing opposition to California Proposition 40 wealth tax.
Brin has contributed over $100 million to anti-tax group Building a Better California.
Schmidt has contributed more than $3 million to the same organization.
Other donors include John Doerr ($7.5 million), Chris Larsen ($10 million) and Patrick Collison ($7 million).
Market odds for Proposition 40’s passage fell to 25.5% on August 18, down from 30% a week earlier.

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Story summary

United States billionaire Sergey Brin and former Google CEO Eric Schmidt are financing opposition to California Proposition 40 wealth tax.
Brin has contributed over $100 million to anti-tax group Building a Better California.
Schmidt has contributed more than $3 million to the same organization.
Other donors include John Doerr ($7.5 million), Chris Larsen ($10 million) and Patrick Collison ($7 million).
Market odds for Proposition 40’s passage fell to 25.5% on August 18, down from 30% a week earlier.