Every Tuesday, two dozen of the world’s richest people or their advisers gather on a conference call to coordinate their war against California’s proposed wealth tax. Organized by Building a Better California, a nonprofit fighting Proposition 40, the group has raised over $333 million from around 80 donors. The donor list reads like a Silicon Valley hall of fame: Sergey Brin, Eric Schmidt, Patrick Collison, and John Doerr.
The measure would impose a one-time 5% tax on billionaires if approved by voters next week. Organizers describe the effort as an “Avenger-level” campaign to protect California’s economy. In internal memos, they stress that ordinary supporters—not the billionaires—should be the public face of the opposition.
The group argues the tax would permanently damage the state’s budget and innovation ecosystem. Fundraising often happens during the weekly calls, with donors asked to give a percentage of their net worth. John Doerr and Patrick Collison are among the top contributors, donating $40 million and $33 million respectively.
The campaign reflects growing tension between wealth inequality concerns and the political power of tech elites.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing