Eric Schmidt, former Google CEO, and Sergey Brin, Google cofounder, are reportedly at odds over how to use their combined contributions in a California political campaign worth over $100 million aimed at defeating Proposition 40. This measure would impose a one-time 5% tax on the net worth of California residents whose wealth exceeds $1 billion. Sergey Brin has contributed over $100 million to the political organization Building a Better California, while Eric Schmidt has contributed over $3 million, with his fortune estimated at $58.1 billion by Bloomberg. Despite the billions spent by these billionaires against the tax, California Democrats endorsed the wealth-tax measure and blocked the opposing propositions.
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