Tech’s biggest names sank a tax on billionaires’ wealth with $425m and a familiar playbook
Proposition 40 targeted Californian billionaires with a 5% tax on their total wealth, including assets such as shares as well as income.
Key points
- “Huge thanks to Sergey Brin here,” wrote Garry Tan, the CEO of Y Combinator.
California saw the most expensive opposition campaign in its history as funding of political campaigns broke records in the US midterms In the hours after polls closed on election day, tech industry players began praising Sergey Brin, the co-founder of Google, on social media.
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