Sergey Brin and a group of fellow billionaires are bankrolling a series of competing California ballot initiatives that would nullify a proposed 5% levy on the state’s wealthiest residents.


The Building a Better California group, a political spending committee backed by Google co-founder Brin, former Google CEO Eric Schmidt and others, will support three different voter initiatives that would limit and restrict the creation of new taxes in the state, according to a Tuesday statement.


The three ballot initiatives would compete against a fourth measure, backed by a health-care workers union, that creates a one-time 5% tax on billionaires. If any of the billionaire-backed initiatives get approved by more votes than the union proposal, they would effectively block the wealth tax, according to the text of the ballot measures.


“We believe the state’s best days are still ahead, if we can advance policy today that improves government accountability, protects our jobs and economic engine, and prioritizes affordability and a better quality of life for all Californians,” said Abby Lunardini, a spokesperson for Building a Better California.


The group declined to say how much money it will commit to the ballot measure fight.


Brin and other billionaires donated $35 million to create Building a Better California last month, as part of a wave of backlash from rich elites against the union-backed tax proposal. The wealth tax has already sent billionaires away from California, including Brin, and is being opposed by Democratic Governor Gavin Newsom.


The Building a Better California initiative also includes backing from crypto billionaire Chris Larsen, venture capitalist Mike Moritz and Stewart Resnick, co-owner of agricultural giant the Wonderful Company.


The group will also donate $1 million to another ballot measure that seeks to approve a $10 billion bond to support affordable housing in the state.


The SEIU-UHW labor union, which is sponsoring the proposed tax on billionaires, is holding a rally with Vermont Senator Bernie Sanders on Wednesday as it seeks to build support for the levy. The union plans to hold additional rallies across the state and unveil dozens of endorsements in the coming weeks.


“California voters won’t be fooled by the antics of a few cynical billionaires,” Suzanne Jimenez, chief of staff for the union, said in a statement. “Voters understand that you can’t build a better California when emergency rooms are closing their doors, veterans are losing their healthcare, children are being denied food assistance, and communities are losing their hospitals.”


All of the ballot measures are still a long way from becoming law.


First, supporters of the measures must collect hundreds of thousands of signatures by a June deadline to be placed on the November ballot. In California, groups have used proposed ballot measures as a bargaining tool. The threat of costly, uncertain campaigns can pressure both sides to negotiate a deal before the issue even goes to voters.


Brin’s group is backing the “Retirement and Personal Savings Protection Act of 2026” which would prohibit taxation on retirement holdings and prohibit the ability to apply retroactive taxes. The proposed billionaire tax would apply to any individual residing in the state as of January 1, 2026.


Another measure would prevent the creation of new taxes that, like the billionaire tax, don’t meet public school funding requirements. A third measure would require a special pre-election audit of programs that would receive money from special taxes to cut down on waste.


This article was provided by Bloomberg News.