SAN FRANCISCO (Diya TV) — New filings released the weekend of March 15, 2026 revealed that a group of prominent tech billionaires have significantly expanded their financial commitments to Building a Better California, a political advocacy group formed in January 2026 to oppose a proposed wealth tax on the state’s wealthiest residents. Google co-founder Sergey Brin leads all donors with $45 million, followed by venture capitalist John Doerr with $9.5 million, Sequoia Capital’s Michael Moritz and Stripe co-founder Patrick Collison each contributing $7 million, and former Google CEO Eric Schmidt adding $3 million. The total reported so far from tech donors alone exceeds $71 million.
The donations come in response to the proposed California Billionaire Tax Act, a union-backed ballot initiative that would impose a one-time 5% tax on the net worth of California residents holding more than $1 billion in assets. Proponents estimate the measure would generate approximately $100 billion in revenue, with 90% earmarked for healthcare programs and 10% for education and food assistance. The campaign, sponsored by the Service Employees International Union’s United Healthcare Workers West chapter, has until June 2026 to collect roughly 875,000 signatures to qualify for the November ballot. As of early March, the campaign reported gathering about 25% of the required signatures.
Building a Better California was established in January 2026 as a social welfare organization with an affiliated political action committee. The group is currently gathering signatures for three counter-initiatives designed to block or weaken the proposed tax. These proposals include measures that would prevent retroactive taxes, narrow the definition of California residency for tax purposes, and require state auditors to conduct performance reviews of any new taxes enacted. The group has offered $15 per signature collected, more than three times the standard rate, to accelerate the effort.
While the group has officially stated it is neutral on the wealth tax itself, the law firm handling its filings had already submitted five ballot proposals designed to undermine the tax before the group even publicly launched. Governor Gavin Newsom has also voiced opposition to the wealth tax, placing him alongside the tech donor class on this issue and against the state’s major labor unions.
The wealth tax debate has already contributed to a visible departure of high-net-worth individuals from California. Brin himself, along with Google co-founder Larry Page and venture capitalist Peter Thiel, relocated to Florida before the proposed January 1, 2026 cutoff date that the initiative uses to determine residency. Meta CEO Mark Zuckerberg also reportedly left the state, though after the cutoff. A survey by UC Berkeley’s Citrin Center found that 50% of California registered voters support the billionaire tax and 28% oppose it, though support softened when respondents were asked about the potential economic consequences of wealthy residents and businesses leaving the state.
The proposal has split opinion even on the political left. While Senator Bernie Sanders endorsed the initiative at its February launch, some labor leaders in California have questioned the strategy, with critics arguing that a one-time billionaire tax is an imprecise tool for addressing inequality and could complicate future revenue-raising efforts. Representative Ro Khanna, whose district includes much of Silicon Valley, bucked his tech constituency by publicly backing the measure, drawing backlash from several wealthy executives in his district.
The November ballot fight is shaping up to be one of the most expensive in California history, with organized labor committing up to $25 million on the pro-tax side and the tech billionaire coalition now having raised over $70 million in opposition.
