Google co-founder teams up with ex-CEO, rich techies to fight California's 5% billionaire tax

Google co-founder Sergey Brin and former Google CEO Eric Schmidt have banded together with some of Silicon Valley’s wealthiest moguls to create a new, pro-business organization that is poised to lobby against the proposed billionaire tax in California.The organization, Building a Better California, is planning to wield its influence by backing political candidates and ballot initiatives throughout the state, according to Bloomberg News.A key priority for the group is opposing a one-time 5% wealth tax on billionaires in California, which is scheduled to be on the ballot this coming November.Campaign filings cited by Bloomberg News show that Building a Better California has raised $35 million, including a $20 million donation from Brin.Building a Better California has already spent $11 million backing ballot initiatives aimed at boosting middle-class homeownership and reforming California’s environmental review law.Brin previously approached other business leaders about raising hundreds of millions of dollars for a California influence campaign.According to Bloomberg News, he made the pitch to other tech industry figures using the encrypted messaging service Signal.Others said to be involved in the initiative include crypto billionaire Chris Larsen, venture capitalist Mike Moritz, DoorDash co-founder Tony Xu and tech investors John Doerr, Max Levchin and Patrick Collison.Stewart Resnick, co-owner of The Wonderful Company, donated $2 million — the largest contribution from a donor outside of tech, according to Bloomberg News.Abby Lunardini, a spokesperson for Building a Better California, told Bloomberg News the group has not yet taken a formal stance on the wealth tax, calling it “early days” and noting their focus on expanding middle-class homeownership.The group is expected to support extending a temporary tax on incomes over $250,000 that funds schools and health care and is set to expire in 2030.The Post has sought comment from Building a Better Californ...