Google co-founder Sergey Brin don spend $102 million to oppose California billionaire tax. If the tax pass and e lose, e go owe $13 billion. Na that Fortune report talk.
California voters dey look Proposition 40. The proposal na wealth tax on billionaires. Money wey the tax raise go go mainly to public services, according to the plan.
One Editor’s Note explain say ninety percent of the money raised by Prop. 40 would have to be spent on health care services for the public. The rest would have to be spent on education, food assistance, and administration of the wealth tax.
But not everybody dey happy. One letter writer, Timothy Wells from Petaluma, argue say just because you get wealth no mean say you greedy. E talk say people need to realize that most of the so-called billionaire’s wealth dey on paper and no be liquid. Unless the wealth is executed, used or spent, it no dey taxed or taxable, e talk.
Wells call Prop. 40 totally short-sided and say e go be very temporary fix with longer term repercussions. E add say just because someone fit afford such a tax no mean say e right. If the tax pass, e believe the state go spend the money ahead of time with no oversight and on who knows what. Wetin we need for the state and everywhere, e talk, na more visibility on what is spent and what for instead.
E also raise alarm about billionaires leaving California. Wells talk say the threat real and how many will take their companies with them ala Elon Musk moving headquarters to Texas. E give example say American Idol and The Voice dey move their shows to Atlanta where dem get much better deal. According to am, this means more jobs are lost and could be a precursor of the fallout to Prop 40 passing.
Meanwhile, the personal cost for Sergey Brin clear: e don put $102 million to fight the tax, and if e lose, e go owe $13 billion. That na the figure wey dey on the line for the Google co-founder.
