Source: Fortune
Summary
Ned Wigglesworth, a former campaign finance reformer who criticized California’s wealthy for influencing politics, is now leading a campaign against Proposition 40, a wealth tax targeting billionaires. The effort, backed by figures like Sergey Brin, John Doerr, and Chris Larsen, has raised over $100 million and reserved $87 million for advertising. Wigglesworth’s shift from opposing wealthy influence to supporting their interests highlights tensions in California politics. The tax, which would affect around 200 billionaires, could generate $100 billion for health care. Brin, who moved out of California, could owe $13 billion if the measure passes.
Our Reading
The numbers tell one story.
Wigglesworth once warned about the power of wealthy donors. Now he’s helping them.
Brin, Doerr, and Larsen are spending big to block a tax on their wealth.
The campaign has $87 million in ads and $100 million in donations.
California’s wealth tax is a test of whether the state can tax the rich without driving them away.
Author: Evan Null
Who Is Ned Wigglesworth?
Ned Wigglesworth is a political strategist who once criticized California’s wealthy for their influence in politics. He was a vocal opponent of the “billionaire boys’ club of politics” and warned about the dangers of wealthy donors flooding the political system with money. His career has taken a dramatic turn, as he is now leading a campaign to block a wealth tax on billionaires.
The Billionaire Tax Fight
Proposition 40, a November ballot measure, would impose a one-time 5% tax on Californians worth at least $1 billion. The tax would generate around $100 billion, with most of the money going to health care after federal Medicaid cuts. The campaign against the tax has drawn significant support from Silicon Valley and tech billionaires.
The Money Behind the Opposition
Sergey Brin, co-founder of Google, has contributed over $100 million to the campaign opposing the tax. Other major donors include venture capitalist John Doerr and crypto billionaire Chris Larsen. The campaign has reserved $87 million for advertising, signaling a major financial push against the tax.
The Tension in California Politics
California has long struggled with the tension between taxing the wealthy and relying on them for economic growth. Governor Gavin Newsom has criticized the billionaire tax but also supports reducing inequality. The state’s economy depends heavily on the top 1% for tax revenue, raising concerns about whether the tax could drive away wealthy residents.
Wigglesworth’s Career Shift
Wigglesworth’s career has seen a clear shift from advocating for campaign finance reform to working with the very wealthy he once criticized. His current role as a strategist for the opposition to the wealth tax has drawn attention, especially given his past warnings about the influence of wealthy donors in politics.
