The children of Charlie Munger, Warren Buffet’s business partner, are duking it out with California Gov. Jerry Brown in the face of voting for crucial referendums that are on the ballot in November.
According to Reuters, Molly Munger has spent almost $30 million on a proposition to raise taxes to fund public schools, and her brother, Charles Munger Jr. has put $5 million behind measures including campaign finance reform to limit the power of the state’s labour unions.
The problem for Brown is that the Mungers are getting all the attention, while his plan to raise taxes through his own referendum hangs in the balance. After failing to negotiate a budget deal in the statehouse, Brown has pinned his hopes of resuscitating the state’s economy on Prop 30, a temporary tax hike he’s taking directly to the voters.
If both the Brown and Molly Munger tax reforms pass, the one with the most votes would take effect. Brown fears that the competing tax initiative would “confuse voters and doom them all.”
Charlie Munger Jr.’s measure aims to ban all corporate and union donations to political candidates. In response the unions have pledged more than $40 million to defeat the proposition, and Brown feels this money could have gone toward his tax measure.
The Reuters story said Charles Munger Sr., vice-chairman of Berkshire Hathaway, encouraged raucous policy debate during dinners at the Munger household.
The Munger siblings describe animated family dinner table discussions of politics and policy when they were growing up, sparked by their father.
“My father has a way of stirring things up if it’s not lively enough,” Molly said.
We don’t have to remind you what they say about apples and trees.