Google co-founder Sergey Brin is fighting San Francisco’s superannuation tax
As labor and energy costs rise in California, small business owners say the Golden State’s minimum wage laws and gas tax are hampering their operations.
Google founder Sergey Brin continues to wade into California politics with a recently reported donation to a group fighting a proposed tax in San Francisco that would hit companies with high-paying tech executives.
A political report filed on Wednesday revealed that Brin offered $500,000 to a group opposing San Francisco Measure D, which will appear on the June 2nd ballot.
Advocates of the move say it will reduce wealth inequality by taxing what they see as excessive executive pay, while critics have warned it will drive employers away and cause guards to find another job.
Brin’s donation comes after the billionaire backed a group called Building a Better California with $57 million earlier this year to help fight California’s proposed wealth tax on billionaires. He was also among wealthy California residents to move their residences and some of their favorite businesses out of the state ahead of a potential tax day earlier this year.
GOOGLE CO-FOUNDER RIPS CALIFORNIA BILLIONAIRE TAX: ‘I HATE BANKRUPTCY’
Google founder Sergey Brin has donated $500,000 to a group fighting San Francisco’s proposed payroll tax. (Tayfun Coskun/Anadolu via Getty Images)
Measure D would tax the pay of executives who earn more than 100 times the average compensation of their employees.
From 2027, it will rise higher higher payment tax business rates range from approximately 0.183% to 1.121% of their gross receipts, and fee-based rates can range from 0.75% to 4.47%, depending on the wage rate.
In effect, it would amount to an eightfold increase in total tax receipts, which the city estimates would bring in about $250 million to $300 million in annual tax revenue.
SERGEY BRIN INTERVIEWS GAVIN NEWSOM AT THE TREEHOUSE EVENT PRIOR TO CALIFORNIA’S BILLIONAIRE TAX.
Critics of Measure D say it will drive large companies and startups alike out of San Francisco. (Justin Sullivan/Getty Images)
San Francisco Mayor Daniel Lurie voiced opposition Kala Darguing that it would “cause large employers to leave San Francisco and prevent new companies from setting up shop here.”
Measure D is supported by many union groups and several prominent politicians on the left, including Sen. Bernie SandersVt., and Rep. Nancy Pelosi, D-Calif. Sanders argued that it would address wealth inequality by making “corporations pay their fair share.”
GOOGLE BACKER SERGEY BRIN JOINS CALIFORNIA EXODUS: REPORT
San Francisco’s proposed income tax will be on the ballot next month. (Brandon Sloter/Getty Images)
The group to which Brin contributed also favors San Francisco Measure C, which would raise the exemption limit for the gross income and small business income tax from $5 million to $7.5 million in San Francisco’s gross receipts.
Bloomberg reported that Brin has spent more than $60 million on state politics this year amid his effort to push back against what he sees as policies harmful to California’s business climate.
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The agency noted that he launched a nonprofit organization called Compass4 to use for some of his political contributions, and the organization was used for his contribution on San Francisco ballot measures.
