Sen. Bernie Sanders (I-Vt.) accused Alphabet (NASDAQ: GOOG) co-founder Sergey Brin of leading a $90 million ad campaign to block California’s proposed 5% billionaire wealth tax. Sanders argued Brin is prioritizing his fortune over children’s healthcare access.

Sanders Targets Brin Over Wealth Tax

On Tuesday, Sanders posted on X that Brin is $133 billion richer since Trump’s election. He stated Brin would "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 opposition to the tax, warning the state could resemble the Soviet Union. He moved to Nevada and donated $57 million to a group opposing new personal-property taxes. He also backed Republican candidates.

Reports indicate Brin terminated or relocated 15 California LLCs, with seven re-registered in Nevada. 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. Analyst Marc Joffe noted the proposed tax has become a major concern for wealthy residents.

California Wealth Tax Debate

Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk defended wealthy Americans against higher taxes. He said 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. Economist Peter Schiff warned the tax could trigger a mass exodus, arguing taxing unrealized assets could force billionaires to sell shares and incur capital gains taxes.

Mark Cuban criticized the proposal, saying startup founders are often cash poor and stock rich. He warned the tax could drive investors and founders away, stating, "Ideology is not a strategy."

What the Numbers Show

The divergence between Brin’s reported $133 billion wealth gain since Trump’s election and his $90 million expenditure to block the tax highlights the scale of resources deployed against the measure. This spending represents a fraction of his reported gains yet underscores the intensity of opposition from top tech founders.

Sen. Bernie Sanders (I-Vt) criticized Alphabet (NASDAQ: GOOG, GOOGL) co-founder Sergey Brin for his efforts to defeat California's proposed billionaire tax, highlighting the significant increase in Brin's wealth since President Donald Trump's election.

On Tuesday, Sanders stated on X that Brin has made $140 billion since Trump was elected. If California's one-time 5% wealth tax were to pass, Brin would owe $14 billion but would still have a net worth of $270 billion. Despite this, Brin is reportedly spending $100 million to defeat the proposal. Forbes reports Sergey Brin's net worth stands at $260 billion.

Brin Leads Fight Against California Tax

Brin has been actively opposing the tax, donating an additional $20 million to Building a Better California, a political advocacy group opposing California's billionaire tax and backing pro-business policies. His total contributions to the group have now reached $102 million.

Sergey Brin criticized California's billionaire tax proposal, comparing it to the socialism he experienced growing up in the Soviet Union. He told the New York Times that he fled the USSR with his family in 1979 and warned that such policies could create a similarly oppressive society in California.

Brin's opposition to the tax comes amid a broader exodus of billionaire wealth from California. Earlier this year, he reportedly moved or terminated 15 California limited liability companies, some of which were re-registered in Nevada. Venture capitalist Chamath Palihapitiya said more than $700 billion in billionaire wealth has left the state earlier this year.

Newsom Warns California Tax Could Drive Wealth Away

This tax, known as Proposition 40, is set to appear on the November ballot. It aims to impose a one-time 5% tax on California's 200 billionaires, with the majority of the revenue going towards the state's health care program.

California has become a focal point of the K-shaped economy debate, combining a roughly $4 trillion economy with stark income inequality. Despite its economic strength, 18% of residents live below the poverty line, the highest rate in the U.S., partly due to the state's high cost of living.

Notably, California Gov. Gavin Newsom opposes the state's billionaire wealth tax, warning it could drive wealthy residents away and shrink revenue for social services. However, he supports a federal minimum tax on Americans with more than $100 million in assets, arguing a nationwide tax would be harder for the wealthy to avoid by relocating.