California billionaires tax in peril as opposing measures backed by Google founder land on ballot
California's proposed 5% tax on billionaires faces significant challenges as two opposing ballot measures, funded largely by Google co-founder Sergey Brin, have qualified for the November 2026 election. The counter-measures aim to ban new taxes on financial assets and increase auditing requirements, with polling showing strong public support for these provisions. Under state law, if both the billionaire tax and opposing measures pass, the one receiving the most 'yes' votes will take effect.
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Metro California billionaires tax in peril as opposing measures backed by Google founder land on ballot By Zain Khan and Annie Gaus Published April 30, 2026, 3:36 p.m. ET Google co-founder Sergey Brin is backing a pair of ballot initiatives that oppose California’s controversial proposed billionaire tax in a high-stakes showdown ahead of the November election. The two counter-measures — aimed as scuttling a proposed 5% levy on residents with assets exceeding $1 billion — would prohibit new taxes on a person’s financial assets and increase audits of such taxes.
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