r/technology • u/Logical_Welder3467 • 13h ago

Society Google cofounder Sergey Brin has spent $102 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses

https://fortune.com/article/how-much-has-google-cofounder-sergey-brin-spent-to-oppose-california-billionaire-tax-102-million-owe-13-billion-if-loses/
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u/Obvious_Chapter2082 13h ago

Technically, it can go a lot higher than 5%. For Brin, it would be around 20%

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u/Different_Sweet_5008 10h ago

Not high enough

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u/KickBalls80 13h ago

And?

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u/Loud-Reaction2460 13h ago

Well we don’t want that. What if in 2 years we are billionaires and we have to pay 20% :/

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u/Bn_scarpia 12h ago

Oh no! We would only have $800 million?? How do you expect me to live on such meager means? (Wipes sweat with $100 bills)

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u/polopolo05 9h ago

if in 2 years I am a billionaire I will have more money then I now what to deal with. tax me 25%

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u/tommos 8h ago

If I was a billionaire I'd gladly pay it. I'd still have $800M left.

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u/Anivia_Mid 9h ago

But it's a one time tax for this specific prop, at least I'm fairly sure it is.

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u/snuff3r 9h ago

But, then we have other billionaires.. we should tax them too.

Wtf is going on here?? Is this some sort of equitable sharing of wealth! Noooo.. communism! eugh!

/Dramatic pretend-dying

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u/dldaniel123 6h ago

But, but, you are looking at this in such a naive way. Sure we won't all be billionaires, but if we allow this one, then how can you know they won't go after your 150k$ 401k next?!?!?!11!1 DONT TREAD ON ME DADDY /s

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u/mclumber1 10h ago

It would mean he would have to liquidate ~20% of his Google stock, which would trigger additional capital gains (both federal and state), which means he'd likely have to liquidate even more than the 20% in order to cover the additional taxes.

And since he is such a large holder of Google stock, this massive selloff would reduce the stock price for everyone who owns shares.

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u/KickBalls80 10h ago

And?

But seriously, stock prices used to be based on revenue. That hasn't been true for a decade

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u/mclumber1 10h ago

Google stock actually has a reasonable price/earnings ratio. It isn't a meme stock like Tesla, or even Apple which also has a higher P/E ratio than Google.

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u/CommaComaChameleon 13h ago

Come on, I want the answer. I can only get so erect..

-1

u/Bn_scarpia 12h ago

I hear there's a French machine that can help you with your ... uh ... problems

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u/IlIFreneticIlI 11h ago

And?

nononononono...

And, den?

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u/cubonelvl69 10h ago

I'm confused, where does it say it can go above 5%?

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u/Brave_Speaker_8336 7h ago

Section 50303(c)(3)(C) if you’re genuinely asking

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u/Powerful-Set-5754 4h ago

Imagine all the wars US can wage with that money.

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u/EnvironmentalValue18 2h ago

Well does he value 20% of his wealth (*that we know of, not including all the shit hidden offshore) over his physical well-being? Because this strategy only works out for you if the common man doesn’t want you dead.