Google co-founder Sergey Brin has slammed California’s proposed billionaire tax, likening it to the socialism he fled with his family from the former Soviet Union.
Brin is one of the billionaires who relocated out of California to avoid the potential wealth tax expected to appear on voters’ ballots this fall. The proposal would impose a one-time 5% tax on residents whose net worth exceeds $1 billion.
Assets covered may include businesses, securities, art, collectibles and intellectual property. Real property, pensions and certain retirement accounts would be exempt.
“I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place,” Brin said in a statement to The New York Times.
The proposed wealth tax applies retroactively to Californians who were residents at the start of 2026, which prompted Brin to move out of the state late last year.
The Times reported that Brin moved to the Nevada side of Lake Tahoe and spends every other week at Google’s headquarters in California.
In December, an entity connected to Brin terminated or relocated 15 California limited liability companies out of the state, while several were converted into Nevada entities.
Advocates argue the tax would bring in significant funding for public services, while critics have warned it could drive job creators out of the state. If enacted, the tax bill would be due in 2027, with taxpayers having the option of spreading payments over five years.
Brin’s opposition to the wealth tax prompted him to work with other like-minded Californians to build support for defeating the measure.
The Times reported that Brin formed a pair of nonprofit groups as part of his political engagement around the wealth tax proposal, putting $57 million into Building a Better California over the last four months.