A political action committee backed by **crypto billionaire Chris Larsen** is launching a massive ad campaign during tonight's gubernatorial debate to attack a proposed tax on billionaires in California. The **Golden State Promise PAC**, funded largely by Larsen and his company Ripple, plans to spend **eight figures** on the effort, including digital ads and mailers.

The ad highlights **bipartisan opposition** to the tax, featuring Governor Gavin Newsom, Republicans, and Democrats. Newsom has publicly promised to fight the initiative. The ad claims the tax will backfire, driving billionaires and businesses out of the state and taking good-paying jobs with them. It warns that **$25 billion in tax revenue** could be lost, gutting funding for schools and firefighters.

Already, wealthy individuals like **Google co-founder Sergey Brin** have fled California for Nevada, and Brin is now pumping money to stop the tax. The ad concludes, "It's reckless, and it hurts you."

The tax proposal, pushed by the Service Employees International Union–United Healthcare Workers West, would impose a **one-time 5% levy** on residents with assets exceeding $1 billion. Supporters, including Senator Bernie Sanders and Representative Ro Khanna, argue it's needed to address healthcare funding gaps from federal cuts. However, Democrats like Newsom worry it will hurt the state's economy in the long run.

Larsen, with a net worth estimated at **$12.4 billion**, has been a vocal opponent. "We’ve got to start fighting on par with the unions when they propose these absolutely stupid propositions like this crazy CEO tax," he told the San Francisco Business Times.

Golden State Promise, funded largely by Chris Larsen, said in a release it intends to spend eight figures.

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