tax

Google cofounder Sergey Brin and John Doerr have donated a combined $94 million to undercut California's proposed billionaire tax. Peter Thiel has donated $3 million to a separate group.Getty ImagesA handful of California’s estimated 214 billionaires are trying to stop a proposed wealth tax.Google cofounder Sergey Brin, who moved assets…

Gov. Gavin Newsom says a controversial California initiative to impose a one-time tax on billionaires is aimed at the wrong place.”The fight to make the wealthiest Americans pay more in taxes is not one we should be fighting state by state,” Newsom wrote in a Substack post. “You may not…

California has a lot of billionaires, more than any other state and more than most countries. So a proposed wealth tax on its billionaires could be a windfall.Under the Billionaire Tax Act, California residents with a net worth of over $1 billion would face a one-time tax equal to 5%…