Sen. Bernie Sanders (I-Vt.) criticized Alphabet‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google co-founder Sergey Brin over his reported $90 million campaign opposing California’s proposed 5% billionaire wealth tax, accusing the billionaire of putting his fortune ahead of children’s health care.
Sanders Targets Brin Over Wealth Tax
On Tuesday, Sanders made the remarks in a post on X, targeting Brin’s opposition to the proposed tax.
“Sergey Brin is leading a $90 million ad campaign to stop California’s 5% billionaire wealth tax,” he wrote.
He then pointed to Brin’s wealth gains, writing, “He is $133 billion richer since Trump’s election. But that’s apparently not enough.”
The Vermont independent senator accused Brin of prioritizing his wealth over health care, saying, “He’d rather children lose access to healthcare than pay his fair share.”
Sanders concluded, “Greed is a sickness.”
Brin did not immediately respond to Benzinga’s request for comments.
Brin Cuts California Ties
Brin intensified his opposition to California’s proposed billionaire wealth tax, warning the state could resemble the Soviet Union.
He moved to Nevada, donated $57 million to a group opposing new personal-property taxes and backed Republican candidates.
He also reportedly terminated or relocated 15 California LLCs, with seven re-registered in Nevada, as other billionaires, including Larry Page, reduced their ties to the state.
Venture capitalist Chamath Palihapitiya said more than $700 billion in billionaire wealth had left California, while analyst Marc Joffe said the proposed tax had become a major concern for wealthy residents.
California Wealth Tax Debate
Earlier, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk defended wealthy Americans against higher taxes, saying he paid more than $10 billion in one year and could face nearly 45% in taxes on stock options, plus a potential 40% estate tax.
Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang said California’s high taxes were worth it for the state’s weather, as a proposed 5% billionaire wealth tax fuels concerns about wealthy residents leaving.
Economist Peter Schiff warned the tax could trigger a “mass exodus” of wealthy entrepreneurs, arguing that taxing unrealized assets could force billionaires to sell shares, incur capital gains taxes and leave California.
Mark Cuban also criticized the proposal, saying startup founders are often “cash poor, stock rich” and that the tax could drive investors and founders away.
He said, “Ideology is not a strategy.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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