Alphabet executive Sergey Brin isspearheading an effortto cut down California’s ‘billionaire tax’ by appealing to the state’s voting masses with three new ballot initiatives.

Brin and other tech titans plan to introduce ballot measures designed to combat the 5% tax on the ultra-wealthy. The group, Building a Better California, has amassed a monster $35 million in funds so far.

The measures include a plan to ban new taxes that apply retroactively and new taxes on personal property such as retirement savings, stocks, bonds and intellectual property.

The second proposed ballot measure will also nix attempts to go around California tax rules governing how much in state funds must be spent on education. Another would require a pre-Election Day audit of any program receiving new funding as a result of a tax increase approved by voters.

“California is the world’s fourth-largest economy and a global center of innovation,” Building a Better California spokesperson Abby Lunardini said in a statement.

“Yet, for decades, it has become increasingly hard for working families and businesses to live, grow, and thrive here. Between skyrocketing costs, a housing crisis, and some of the country’s highest taxes — with less and less to show for it, the California dream is drifting out of reach for many.”

Brin showered Building a Better California with $20 million. Former Google CEO Eric Schmidt, Stripe founder Patrick Collison, Ripple chairman Chris Larsen and venture capitalist Michael Moritz gave $2 million each, another other donations.

Proponents of the “billionaires tax,” also planned as a ballot measure, says it will raise millions that can go towards funding California’s healthcare shortfalls.

California Gov. Gavin Newsom is opposed to the tax but progressive Sen. Bernie Sanders, visiting Los Angeles Wednesday, wants to build momentum around it.

While U.S. billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings & 21% of seniors are trying to survive on less than $15,000 a year,” hewrote on Xrecently. “That’s why I’ll be in LA this week fighting for a wealth tax on billionaires.”

Source: California Post – Breaking California News, Photos & Videos