Sen. Bernie Sanders (I-Vt.) has taken aim at Alphabet co-founder Sergey Brin, accusing him of bankrolling a massive campaign to block California's proposed 5% billionaire wealth tax. In a post on X Tuesday, Sanders didn't mince words, calling out Brin's reported $90 million ad blitz and suggesting the billionaire's priorities are seriously out of whack.
"Sergey Brin is leading a $90 million ad campaign to stop California's 5% billionaire wealth tax," Sanders wrote. He then highlighted Brin's staggering wealth gains: "He is $133 billion richer since Trump's election. But that's apparently not enough."
The Vermont independent went further, accusing Brin of putting his fortune ahead of children's health care. "He'd rather children lose access to healthcare than pay his fair share," Sanders said, before delivering the punchline: "Greed is a sickness."
Brin didn't immediately respond to requests for comment.
Brin's California Exit
This isn't just political posturing. Brin has been walking the walk when it comes to distancing himself from California. He's reportedly moved to Nevada, donated $57 million to a group opposing new personal-property taxes, and backed Republican candidates. He's also terminated or relocated 15 California LLCs, with seven re-registered in Nevada. Other billionaires, including Larry Page, have similarly reduced their ties to the state.
The exodus narrative is gaining traction. Venture capitalist Chamath Palihapitiya claims more than $700 billion in billionaire wealth has already left California, while analyst Marc Joffe says the proposed tax has become a major concern for wealthy residents.
Brin himself has warned that California could resemble the Soviet Union if the tax goes through. That's a strong comparison, but it shows how heated this debate has become.
The Broader Wealth Tax Battle
Brin isn't the only big name pushing back. Tesla CEO Elon Musk has defended wealthy Americans against higher taxes, noting he paid more than $10 billion in a single year and could face nearly 45% in taxes on stock options, plus a potential 40% estate tax.
Nvidia CEO Jensen Huang took a more philosophical approach, saying California's high taxes are worth it for the weather. But even he acknowledged the proposed 5% billionaire wealth tax is fueling concerns about wealthy residents leaving.
Economist Peter Schiff warned the tax could trigger a "mass exodus" of wealthy entrepreneurs. His argument: taxing unrealized assets could force billionaires to sell shares, incur capital gains taxes, and then leave California anyway. It's a lose-lose for the state, in his view.
Mark Cuban also weighed in, pointing out that startup founders are often "cash poor, stock rich." He argued the tax could drive investors and founders away, summing up his stance with a memorable line: "Ideology is not a strategy."
The debate over California's billionaire tax is far from settled, but one thing is clear: the state's wealthiest residents are paying attention, and some are voting with their feet.
