Blab Business
California Billionaires Pour $336 Million into Politics to Block Wealth Tax and Push Tech Agenda
In a staggering display of wealth‑wielded influence, California’s top 15 billionaires have channeled more than $336 million into the 2026 election cycle, a joint study by California Common Good and People Over Billionaires revealed today.
The money is aimed at defeating a one‑time 5 % wealth tax that would have hit California residents with net worths over $1 billion if it passes the November 3, 2026 ballot. The proposed levy would have generated revenue for safety‑net health‑care programs, food assistance and public education, and has been championed by labor unions such as SEIU United Healthcare Workers West.
According to the report, four of the richest Californians—Google co‑founder Sergey Brin, venture‑capitalists Marc Andreessen and Ben Horowitz, and cryptocurrency magnate Chris Larsen—contributed $331 million in 2026 through both individual and corporate channels. Brin alone gave $86 million, with $85 million directed to a group called Building a Better California. That group has launched two initiatives that, if approved, would effectively eliminate the wealth tax.
Corporate political spending is also on the rise. Andreessen Horowitz, the venture‑capital firm founded by Andreessen and Horowitz, spent $57 million as a corporation on federal political action committees. The firm’s contributions went to Fairshake, a super‑PAC that opposes cryptocurrency regulation, and to Leading the Future, a pro‑AI industry organization. Individually, Andreessen and Horowitz have donated $41 million and $45 million, respectively.
Local California races have not been left untouched. Grow California, a PAC funded by Larsen and Tim Draper, spent money in several primary elections to support pro‑business candidates and to oppose labor‑backed ones. In Assembly District 67, the PAC used independent expenditures to back Democratic candidate Mark Pulido and to oppose Ada Briceño, co‑president of the labor union UNITE HERE Local 11. The report notes that in races where the PAC was active, billionaire spending outpaced labor and community group candidates by four to six times.
The study argues that billionaire spending is part of a broader legislative agenda that extends beyond the wealth tax. The money is being used to secure pro‑business candidates at both state and federal levels and to influence policy on AI and cryptocurrency regulation. The report states that the spending is fully compliant with current campaign‑finance rules, as the billionaires are giving individually and through PACs that they are free to create.
California Common Good’s report highlights that the billionaire class is using unprecedented sums to shape policy in a way that favors their interests. The report calls the spending an “explosion of growth” and suggests that, without election‑finance reform, the pattern is likely to continue.
At present, the billionaire tax remains on the ballot, and the spending campaign is ongoing. Brin’s move to Nevada residency in late 2025 means he would not be subject to the tax if it passes, but he continues to fund efforts to defeat it. The fate of the tax will be decided by California voters in November, while the broader impact of billionaire political spending on state and federal policy remains to be seen.
The money is aimed at defeating a one‑time 5 % wealth tax that would have hit California residents with net worths over $1 billion if it passes the November 3, 2026 ballot. The proposed levy would have generated revenue for safety‑net health‑care programs, food assistance and public education, and has been championed by labor unions such as SEIU United Healthcare Workers West.
According to the report, four of the richest Californians—Google co‑founder Sergey Brin, venture‑capitalists Marc Andreessen and Ben Horowitz, and cryptocurrency magnate Chris Larsen—contributed $331 million in 2026 through both individual and corporate channels. Brin alone gave $86 million, with $85 million directed to a group called Building a Better California. That group has launched two initiatives that, if approved, would effectively eliminate the wealth tax.
Corporate political spending is also on the rise. Andreessen Horowitz, the venture‑capital firm founded by Andreessen and Horowitz, spent $57 million as a corporation on federal political action committees. The firm’s contributions went to Fairshake, a super‑PAC that opposes cryptocurrency regulation, and to Leading the Future, a pro‑AI industry organization. Individually, Andreessen and Horowitz have donated $41 million and $45 million, respectively.
Local California races have not been left untouched. Grow California, a PAC funded by Larsen and Tim Draper, spent money in several primary elections to support pro‑business candidates and to oppose labor‑backed ones. In Assembly District 67, the PAC used independent expenditures to back Democratic candidate Mark Pulido and to oppose Ada Briceño, co‑president of the labor union UNITE HERE Local 11. The report notes that in races where the PAC was active, billionaire spending outpaced labor and community group candidates by four to six times.
The study argues that billionaire spending is part of a broader legislative agenda that extends beyond the wealth tax. The money is being used to secure pro‑business candidates at both state and federal levels and to influence policy on AI and cryptocurrency regulation. The report states that the spending is fully compliant with current campaign‑finance rules, as the billionaires are giving individually and through PACs that they are free to create.
California Common Good’s report highlights that the billionaire class is using unprecedented sums to shape policy in a way that favors their interests. The report calls the spending an “explosion of growth” and suggests that, without election‑finance reform, the pattern is likely to continue.
At present, the billionaire tax remains on the ballot, and the spending campaign is ongoing. Brin’s move to Nevada residency in late 2025 means he would not be subject to the tax if it passes, but he continues to fund efforts to defeat it. The fate of the tax will be decided by California voters in November, while the broader impact of billionaire political spending on state and federal policy remains to be seen.
