Google co-founder Sergey Brin has taken a big and shocking step amid the ongoing tax debate in America. According to reports, Brin has donated about 5 lakh dollars i.e. about Rs 4.77 crore in protest against a new business tax law proposed in San Francisco.
This money has been given to the political committee which is opposing the proposal named Overpaid CEO Tax. There is a big political fight going on in San Francisco regarding this tax proposal. On June 2, voters there are going to vote on two different tax proposals, Measure C and Measure D. Measure C is getting support from trade organizations and business groups. Under this, it has been said to provide tax relief to small businessmen. In this proposal, it has been suggested to increase the tax exemption limit for small businesses from $50 lakh to $75 lakh. In return, the tax burden on big companies will increase.
On the other hand, Measure D is in a lot of controversy. This is being called Overpaid CEO Tax. In this proposal, there is talk of fixing tax on the basis of difference in salary of CEOs and employees of companies. The special thing is that not only San Francisco but also the salaries of the company’s global employees will be included in this. Labor organizations and progressive groups say that big and rich companies should pay more taxes so that the economic condition of the city can be strengthened. But business groups claim this could lead to companies leaving San Francisco and affect jobs.
Sergey Brin is running angry
Sergey Brin is also said to be angry about this matter. According to reports, he has not only given financial support to the protest but also to an alternative business-friendly proposal. Brin’s net worth is estimated to be around $260 billion. Some time ago he shifted his residence from California to Nevada near Lake Tahoe. It is believed that this decision is economically beneficial since there is no state tax in Nevada.
Brin is against socialism
Brin recently said in a public statement that he is against socialism. He said his family fled the Soviet Union to America in 1979 and have seen the harms of socialism up close. According to Brin, he does not want California to go down the same path.
Now this whole matter has sparked a new debate in America’s tech sector. Many believe that Silicon Valley billionaires are now openly meddling in politics, especially when new policies affect their businesses and wealth. San Francisco is already struggling with vacant offices, corporate exodus and economic challenges. In such a situation, this upcoming vote is being considered very important not only for local politics but for the entire American tech industry.
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