Brin's Bombshell: Billionaire Tax Battle in California

0:00It's April 27. This is U.S. News Today, powered by AI, bringing you what matters across the U.S. Google co-founder Sergei Brenn dropped a bombshell on California Governor Gavin Newsom at a private holiday party. Brenn, worth about $260 billion, said he's packing up and leaving the state because of a new billionaire tax plan. Newsom got caught totally off guard and sources say he was already feeling cold and hungry that night. The tax idea comes from unions like SEIU and slaps a one-time 5% hit on anyone with over $1 billion in net worth. Money would go straight to health care, schools, and food help. Backers turned in 1.5 million signatures, blowing past what's needed for the November ballot, but it's not certified yet. Newsom stayed quiet on the chat but later blamed a lingering cold on that gathering. Silicon Valley heavyweights like Brenn and Larry Page are pushing back hard, with Brenn dropping tens of millions to kill the measure. Some are already shifting assets or homes out of state.

1:02Critics warned this could tank California's tax haul since the rich pay a huge chunk. Supporters say the ultra wealthy got a step up for public needs. It's splitting Democrats, with progressives cheering it on while Newsom fights it. This battle's got eyes nationwide, and if it passes, billions in revenue could flip the state's money game or spark copycat taxes everywhere else.