Supporters of California's proposed one-time 5% wealth tax on billionaires announced Monday that they had gathered more than 1.5 million signatures, surpassing the roughly 875,000 needed to qualify the measure for the November ballot. The initiative targets residents with net worth exceeding $1 billion as of January 1, 2026, and would levy the tax on assets, including stocks, businesses, and collectibles, to raise about $100 billion for healthcare, education, and food assistance amid federal funding cuts.

Google co-founder Sergey Brin, whose fortune exceeds $270 billion, responded with a rare public statement tying the proposal to the socialism his family fled in the Soviet Union. "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. The tax could cost him more than $13 billion if enacted.

Brin has poured at least $57 million into Building a Better California, a nonprofit he helped create, including $20 million in January and an additional $9 million disclosed Monday. The group, which has raised $93 million from donors including venture capitalist John Doerr and former Google CEO Eric Schmidt, is backing competing ballot measures such as one prohibiting retroactive taxes and new levies on personal property like stocks and intellectual property. Opposition efforts have driven up signature-gathering costs, with contractors paid over $15 per valid signature for anti-tax initiatives.

To avoid the tax, Brin relocated to a $42 million mansion on the Nevada side of Lake Tahoe before a December 31, 2025, residency deadline, though he continues spending time at Google's California headquarters. He is among the billionaires who have reduced California ties, potentially costing the state billions in annual revenue, according to analysts.

Brin's opposition aligns with a broader rightward political shift. Once a supporter of liberal causes like same-sex marriage and Barack Obama, he has praised President Trump, donated nearly $500,000 to the Republican National Committee, and about $40,000 to Republican gubernatorial candidate Steve Hilton. His girlfriend, Gerelyn "GG" Soto, a vocal Trump supporter, has accompanied him to Mar-a-Lago dinners and White House events.

In December 2025, Brin and Soto confronted Gov. Gavin Newsom, a longtime friend who also opposes the tax, at a party hosted by crypto billionaire Chris Larsen. Brin warned it would wreck the economy; Newsom pledged to help defeat it. Other opponents include Peter Thiel, who donated $3 million and also left the state.

The Service Employees International Union-United Healthcare Workers West, which backs the measure, called billionaire threats exaggerated. Critics argue the tax could trigger an exodus, harming the economy and state budget.