Sergey Brin’s $102 million helped sink California’s billionaire tax and may block the next one | Fortune

California voters rejected a one-time billionaire tax last week, with Google co-founder Sergey Brin contributing $102 million to the opposition campaign. A second ballot measure, largely bankrolled by the same billionaires, now appears positioned to make any future attempt at such a tax significantly harder to pass. The outcome marks a notable defeat for progressive tax advocates in the nation's most populous state and most concentrated hub of extreme wealth. It also signals that concentrated spending by a handful of ultra-wealthy donors can decisively shape fiscal policy at the state level. What to watch next is how the second measure's provisions constrain future revenue-raising efforts and whether lawmakers pursue alternative routes to tap the state's top fortunes.