Google Co-Founder Sergey Brin Donates $500,000 To Group Opposing 'Overpaid CEO' Tax

(MENAFN- Live Mint) Google co-founder Sergey Brin donated $500,000 to a group that opposes a increasing tax rate on businesses with highly-paid executives in San Francisco.

The donation - a paltry sum for one of the world's richest people with a net worth of $304.5 billion, according to the Bloomberg Billionaires Index - is being seen as Brin's push deeper into California politics.

Reported in a filing on Wednesday, the donation is to oppose a proposal that would levy a higher tax on companies that have“overpaid” chief executives. The proposal is set to be put before San Francisco voters in June.

Taxing the billionaires

The union-backed proposal would impose an eight-fold increase to a gross-receipts tax on any large company doing business in San Francisco where the highest paid executive earns 100 times or more than their median employee.

The measure could generate additional revenue of $250 million to $300 million to the city, news agency Bloomberg reported, citing the city controller's analysis.

Also Read | Billionaire tax: Could Zuckerberg and others end up paying more than expected?

It has met opposition from deep-pocketed billionaires like Ripple Labs' Chris Larsen, who warned it could drive companies out of the city and undo efforts to make it more business-friendly.

Billionaires donating funds to avoid tax

Brin so far has spent more than $60 million in state politics this year and has been instrumental in rallying a cohort of like-minded tech billionaires.

Ultrawealthy donors have spent more than $270 million into state's politics this election cycle, according to a Bloomberg analysis. Brin recently started a new nonprofit, Compass4, to direct some of his giving. The $500,000 donation against the San Francisco ballot item came through that organization, according to the filing.

While much of Brin's money has been directed to measures to counter a proposed billionaires' tax, the state“has some very systemic issues” that aren't about one tax or particular person, he told Bloomberg on the sidelines of the Met Gala earlier in May.

Living in Nevada with his girlfriend since buying a new lakeside mansion, Brin said they're now“pretty happy where we are.”

Also Read | Which top tech executives left California over billionaire tax?

- With inputs from Bloomberg

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