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billionaire tax
'Major Momentum' as California Democratic Party Endorses Billionaire Wealth Tax
"This endorsement puts to rest the idea that California Democrats are not united by the billionaire tax—they are," said the president of the healthcare workers union leading the ballot measure campaign.
Aug 03, 2026
The California Democratic Party on Sunday endorsed a state ballot measure that would impose a one-time, 5% wealth tax on billionaire residents, a popular initiative that has drawn opposition from Democratic Gov. Gavin Newsom and ultra-rich corporate executives who are spending big to defeat it.
California Democrats' executive board voted 145-90 on Sunday to endorse the billionaire wealth tax, which will appear on the November ballot as Proposition 40. The Sacramento Bee reported that "delegates and observers erupted into cheers" following the vote, which barely cleared the 60% threshold needed for a formal endorsement.
Dave Regan, president of SEIU-United Healthcare Workers West, the union leading the campaign for the ballot initiative, said the California Democratic Party's endorsement of the proposal "puts to rest the idea that California Democrats are not united by the billionaire tax—they are."
"Polling shows that more than 80% of registered Democrats support this critical solution to our healthcare crisis," said Regan, "and now the Democratic Party of California has officially embraced that strong support through this endorsement.”
It’s official: the California Democratic Party has endorsed the Prop. 40 billionaire tax on 145-90 vote. They reconsidered an earlier vote where it narrowly failed to clear the 60% threshold. pic.twitter.com/5YnH3Ps7mE
— Ben Paviour (@BPaves) August 2, 2026
If approved by voters and enacted, the tax would raise an estimated $100 billion in revenue that could be used to offset the impact of federal Medicaid cuts and bolster California's education system.
Organizers said Sunday that the endorsement "puts major momentum behind" the proposed billionaire tax, noting that official California Democratic Party election materials will now note its backing of Proposition 40.
Suzanne Jimenez, chief of staff at SEIU-United Healthcare Workers West, said Sunday that "we refuse to accept a future where tens of millions of working families pay the price for tax cuts that benefit 200 billionaires."
"We are proud to stand alongside California Democrats in fighting for passage of the billionaire tax," said Jimenez. "We will work together to put patients first. We will ask those who have gained the most from our economy to help preserve the healthcare access, including to emergency services, that every Californian needs and deserves."
The endorsement from the California Democratic Party came after a coalition of billionaires backed by Google co-founder Sergey Brin reserved nearly $90 million in advertising time across the state and got two other tax-related initiatives on the November ballot: Propositions 41 and 42.
If the billionaire tax measure passes and either 41 or 42 also pass, Proposition 40 "could be stopped from becoming law," according to California's nonpartisan Legislative Analyst's Office (LAO).
"This is because the courts could find that Proposition 41 or 42 conflict with Proposition 40," the LAO noted.
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'The World Is Watching': Top Economist Rips Newsom for Working to Tank Billionaire Wealth Tax
"You have chosen to protect California's billionaires at the expense of Californians' health," said Gabriel Zucman.
Jun 22, 2026
A world-renowned economist and expert on wealth inequality castigated California Gov. Gavin Newsom on Monday for working to kill a proposed tax on billionaire fortunes in the Golden State, warning that the Democratic leader and likely 2028 candidate appears bent on handing President Donald Trump "an unexpected ideological and political victory."
Gabriel Zucman, a research professor of economics at the University of California, Berkeley, pointed to a recent Bloomberg story detailing Newsom's "last-ditch pressure campaign" to prevent a healthcare union-led initiative from appearing on California voters' ballots in November. Last week, organizers announced that they had collected the number of signatures required to get the initiative—a one-time, 5% tax on the wealth of California billionaires—on the ballot ahead of the June 25 deadline.
In a lengthy thread posted to X on Monday, Zucman wrote that he is "shocked" by Newsom's "efforts to defend Peter Thiel and Mark Zuckerberg at the expense of Californians' health," referring to two of the state's most prominent billionaires. Thiel has donated millions to an industry group looking to defeat the ballot initiative, which would use revenue from the wealth tax to offset the impacts of federal Medicaid cuts approved last year by Trump and congressional Republicans.
"Yet you are now devoting all your energy to preventing this ballot initiative from taking place and denying Californians the opportunity to express their democratic will this November," Zucman wrote. "You have chosen to protect California's billionaires at the expense of Californians' health."
By stridently opposing the proposed billionaire tax in California, the economist warned, Newsom is lending credence to "familiar conservative arguments against taxing great fortunes: the threat of capital flight, tax avoidance, harm to growth, etc."
"Instead of reinforcing these arguments, you could have chosen to challenge them. Take the risk of tax flight, a classic objection. It is effectively nonexistent," Zucman wrote. "Beyond the ideological victory you risk handing Trump, you may also be giving him a political victory."
Politically, Zucman warned Newsom that his opposition to the proposed wealth tax—which has proven extremely popular among likely Democratic voters—risks giving Trump and his right-wing allies a political victory by blunting momentum for a wealth tax not only in California, but beyond as well.
"If the 'Yes' prevails, California's tax could quickly inspire similar efforts in other states," Zucman argued. "Ultimately, that process could pave the way for a federal tax on extreme wealth. This is precisely what happened more than a century ago with the progressive income tax."
"The world is watching," the economist added. "In the struggle between democracy and oligarchy, one must choose a side. I hope you will choose ours."
Zucman has been outspoken in support of the proposed wealth tax in California, writing in The New York Times' op-ed pages last month alongside fellow economist Emmanuel Saez that the proposed levy would "be tiny relative to billionaires’ recent wealth gains."
"In the past three years alone, the total wealth of California’s billionaires grew by a staggering 144%, to over $2 trillion," the economists wrote. "Critics of the ballot measure have voiced concerns that even a small number of billionaires leaving the state would lead to lower state tax revenues overall. Their math doesn’t add up. California’s billionaires currently pay such a low tax rate that even if all of them left the state, it would take 25 years for the loss of their tax payments under the current set of rules to surpass the amount the state would raise if the one-time tax succeeds this fall."
"Defending 200 billionaires at the expense of the millions of Californians who will lose healthcare absent the passage of a billionaire tax is not a tenable position for the governor or the state of California."
Last week, organizers of the wealth tax initiative offered to withdraw its proposal if Newsom threw his support behind legislation imposing a 2% tax on California's billionaires—a compromise plan that the governor swiftly rejected.
"The governor supports making the wealthiest Americans pay their fair share, but this poorly designed state-only measure will defund teachers, schools, clinics, and public safety," said Newsom spokesperson Tara Gallegos. "Changing the tax rate doesn't change this measure's fundamental flaws that harm working Californians."
Suzanne Jimenez, chief of staff for the Service Employees International Union-United Healthcare Workers West—the union leading the ballot initiative—hit back, accusing Newsom's office of "engaging in Trump-like misinformation tactics, which is sad and indefensible."
"The billionaire tax explicitly funds clinics, hospitals, schools, teachers, and food assistance to the tune of billions," Jimenez said in an emailed statement. "All objective reports have shown that the wealth tax raises billions to fund healthcare, education, and food assistance—and the revenue that will be raised far surpasses any potential income tax erosion—in no small part because billionaires pay very little relative income tax."
"Defending 200 billionaires at the expense of the millions of Californians who will lose healthcare absent the passage of a billionaire tax is not a tenable position for the governor or the state of California," Jimenez added.
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Real Fight With Oligarchy Begins as Billionaires Tax Qualifies for Ballot in California
"David won the second round against Goliath, but healthcare workers and our allies won’t quit until we protect patients from the looming California healthcare collapse manufactured by Trump and Congress."
Jun 18, 2026
Advocates of a plan to tax California billionaires were celebrating Thursday following confirmation from California Secretary of State Shirley Weber that the proposal had gathered enough signatures to appear as a ballot initiative this November.
Weber revealed late Wednesday that proponents of the California Billionaire Tax Act had gathered more than the 875,000 signatures needed, reaching the benchmark ahead of June 25 deadline.
The proposed tax, which has drawn opposition from Democratic California Gov. Gavin Newsom and support from Sen. Bernie Sanders (I-Vt.), will hit the state’s billionaires with a one-time 5% wealth tax that proponents say will be used to fund local hospitals, food aid, and public education.
Proponents of the tax have called it necessary to make up for budget shortfalls created by the One Big Beautiful Bill Act, the 2025 Republican budget law that slashed spending on Medicaid and the Supplemental Nutrition Assistance Program (SNAP).
Debru Carthan, a spokeswoman for the Billionaire Tax Now Coalition, said on Thursday that getting the proposed tax on the ballot puts the state "one step closer to saving the hospitals and emergency rooms that we all rely on" and that are being endangered by cuts imposed by the GOP law.
"With today’s news, David won the second round against Goliath," added Carthan, "but healthcare workers and our allies won’t quit until we protect patients from the looming California healthcare collapse manufactured by Trump and Congress."
A poll of California voters conducted in March by the University of California, Berkeley found that the proposed billionaire tax is broadly popular, with support outweighing opposition by a roughly two-to-one ratio.
An analysis by the Institute on Taxation and Economic Policy estimates that the tax will raise $100 billion in revenue over the next five years, which would be enough to fill the hole in California’s state budget caused by the GOP cuts.
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California 'One Step Closer' to Taxing Billionaires With Enough Signatures to Make Ballot
"In a nation as rich as ours, that’s the least we deserve," said one proponent of the billionaire tax.
Apr 27, 2026
The coalition behind a plan to tax California billionaires on Monday announced it's reached a major milestone in its efforts to get its proposed wealth tax on ballots this fall.
The California Billionaire Tax coalition revealed it has now filed more than 1.5 million signatures, or nearly twice the 875,000 signatures required to make the California Billionaire Tax Act an official state ballot initiative.
The proposed tax, which has drawn opposition from Democratic California Gov. Gavin Newsom and support from Sen. Bernie Sanders (I-Vt.), will hit the state's billionaires with a one-time 5% wealth tax that proponents say will be used to fund local hospitals, food aid, and public education.
Mayra Castañeda, an ultrasound technologist and a member of Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which proposed the ballot initiative, said that the tax was essential to preserve quality of healthcare in California.
"When funding is cut, it brings a world of pain," said Castañeda. "It means longer ER waits, fewer healthcare workers, rural hospitals shutting down, delayed care, and lives lost that could have been saved. It's clear that most Californians and most billionaires recognize how reasonable and necessary this proposal is—both to keep emergency rooms open and to save California businesses from closing."
Jared Hamil, a member of Teamsters Local 396, said gathering more than 1.5 million signatures in favor of the tax means "we are one step closer to the California we deserve."
"We deserve to be able to afford to see a doctor when we’re sick," Hamil emphasized. "We deserve to know our local hospital will be open and ready to treat you in an emergency. In a nation as rich as ours, that’s the least we deserve."
A poll of California voters conducted last month by the University of California, Berkeley found that the proposed billionaire tax is broadly popular, with support outweighing opposition by a roughly two-to-one ratio.
An analysis by the Institute on Taxation and Economic Policy estimates that the tax will raise $100 billion in revenue over the next five years, which would be enough to fill the hole in California's state budget caused by the Republican-passed One Big Beautiful Bill Act that takes an ax to spending on Medicaid and the Supplemental Nutrition Assistance Program (SNAP).
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Thousands of Layoffs at California Hospitals Underscore Calls for Billionaire Tax
"This is a direct threat to patient care across California," said the chief of staff at the union sponsoring the ballot measure.
Apr 01, 2026
The labor union leading the fight for California's billionaire tax on Wednesday pointed to recent reporting about hospital layoffs to make the case for the ballot measure, which would impose a one-time 5% tax on state billionaires' wealth to fund healthcare.
The Orange County Register reported last week that "the more than 400 hospitals statewide have already laid off more than 3,400 healthcare workers as of mid-March, with as many as 1,600 coming from Santa Barbara to Orange County and the Inland Empire area, according to a tally of layoffs provided by the state's Employment Development Department and data collected by Paul Young, senior vice president of public policy and reimbursement with the California Hospital Association of Southern California."
As the newspaper detailed, hospital executives "are hinting of a second wave of layoffs," citing the One Big Beautiful Bill Act, or HR 1, that congressional Republicans passed and President Donald Trump signed last summer. The law will cut about $1 trillion from Medicaid over the next decade, which is expected to significantly impact the state's Medi-Cal program that covers more than 15 million lower-income residents.
The Center for Labor Research and Education at the University of California, Berkeley "estimates the Medi-Cal cuts could lead to a loss of 72,000 to 145,000 healthcare jobs throughout California, representing 3% to 5% of the state's 2.65 million healthcare positions," the Register noted. "These job losses include positions in hospitals, clinics, and home care."
The Service Employees International Union-United Healthcare Workers West, the lead sponsor of the ballot measure that Californians are set to vote on in November, highlighted the reporting in a Wednesday statement. SEIU-UHW chief of staff Suzanne Jimenez declared that "this is a direct threat to patient care across California."
"When hospitals lose funding, they lose staff," Jimenez said. "And when they lose staff, patients face longer wait times, fewer services, and reduced access to lifesaving care. Without urgent action, communities across California will lose access to the care they depend on."
In the union's statement, Mayra Castañeda shared concerns about losing her job as an ultrasound technologist at a hospital in Lynwood, California. She said: "Every day I come to work thinking about my patients, making sure they get the care they need, that they feel safe, that they're not alone. Now, I'm also thinking about whether I'll still have a job next month."
"We're already stretched thin, and the idea that more staff could be cut is terrifying," Castañeda continued. "It doesn't just impact us as staff. It impacts every patient who walks through our doors. You can't keep taking resources out of healthcare and expect people not to suffer."
Opinion: Unlike billionaires, we don’t need mansions or yachts. We're just asking for health care that our families can rely on.www.usatoday.com/story/opinio...
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— Billionaire Tax Now (@billionairetaxnow.bsky.social) April 1, 2026 at 3:40 PM
Experts estimate that, if passed, the billionaire tax ballot measure would raise about $100 billion from 2027-31 from California's 200 richest residents. Recent polling suggests the proposal is on its way to success.
It's drawn support from national progressive figures such as US Sen. Bernie Sanders (I-Vt.), who last month partnered with Rep. Ro Khanna (D-Calif.) to introduce the Make Billionaires Pay Their Fair Share Act. The bill would impose a 5% annual wealth tax and direct the revenue toward reversing GOP healthcare cuts from HR 1, expanding Medicare, building affordable houses, helping families pay for childcare, boosting teacher salaries, and sending direct payments to members of households making $150,000 or less.
Unlike the California ballot measure, that federal "tax the rich" bill and another introduced last month by Sen. Elizabeth Warren (D-Mass.) have no clear path to passage in the Republican-controlled Congress. However, hospital layoffs as a result of HR 1—which featured more tax giveaways for wealthy Americans—aren't limited to California.
According to a Public Citizen report released Tuesday, 446 hospitals across the United States could close or reduce services due to HR 1's cuts to Medicaid and the Children's Health Insurance Program. The publication notes that these "hospitals collectively have 68,986 beds and served approximately 6.6 million patients in 2024. They employ approximately 275,458 direct patient care workers (this does not include nonmedical workers, such as administrative staff)."
Public Citizen researcher and report author Eileen O'Grady stressed that "Trump's cuts to Medicaid will hurt millions of low-income and disabled Americans, and will deepen financial strains that are already plaguing rural and safety-net hospitals—compromising their ability to deliver care, potentially leading many to close."
"Congress should take urgent action to restore all Medicaid funding cuts enacted by Trump and Republicans in Congress," O'Grady argued, "and should extend the enhanced premium tax credits for coverage through the Affordable Care Act marketplaces."
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'The Current Tax Code Is Rigged,' Plus 6.2 Trillion Other Reasons to Tax America's Ultrarich
"My bill is about basic fairness and making the ultrawealthy pay their fair share," said Sen. Elizabeth Warren. "It's time for the government to stop listening to the richest of the rich and start working for working people."
Mar 26, 2026
Backed by dozens of lawmakers, advocacy organizations, and labor unions, a trio of congressional Democrats on Thursday reintroduced the Ultra-Millionaire Tax Act, which would generate an estimated $6.2 trillion in revenue over the next decade by imposing a wealth tax on US fortunes above $50 million.
As the lead sponsors, Sen. Elizabeth Warren (D-Mass.) and Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.), highlighted in a statement, that estimated revenue is "more than double the score of the bill when it was first introduced five years ago, and enough money to pay for investments like universal childcare, free community college, Medicare expansion, and more—without raising taxes on 99.85% of American households."
The reintroduction comes just months away from the midterm elections. Democrats are working to reclaim control of Congress from President Donald Trump's Republican Party, which last year used its slim majorities in both chambers to push through a budget package that gave more tax cuts to the rich while cutting social programs for working families.
"While multimillionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy," said Warren. "My bill is about basic fairness and making the ultrawealthy pay their fair share. It's time for the government to stop listening to the richest of the rich and start working for working people."
Under the bill, the country's wealthiest 260,000 households would pay a 2% annual tax on fortunes valued at over $50 million and an additional 1% on the net worth of households and trusts above $1 billion. The legislation would also impose a 40% "exit tax" on ultrarich individuals who renounce their citizenship for evasion purposes and would give the Internal Revenue Service $100 million in new funding.
"As millions of families are struggling under the weight of inflation, tariffs, and rising gas prices, the richest billionaires continue to see their net worth grow. We live in the richest country in the world, but that wealth is incredibly concentrated in a tiny group of people. It's time to tax the rich and level the playing field to ensure that every American has a chance to succeed," said Jayapal.
"The Ultra-Millionaire Tax Act is a major step toward making sure the wealthy finally pay their fair share," she continued. "With this legislation, we can narrow the racial wealth gap and invest trillions of dollars in healthcare, schools, clean energy, housing, and more to improve lives in communities across America."
At the beginning of 2026, an Institute for Policy Studies analysis found that the total wealth of US billionaires surged to $8.1 trillion last year—and the country's top 15 billionaires saw their collective fortune grow from $2.4 trillion to $3.2 trillion, more than double the S&P 500's 16% increase in 2025.
In the months since, even a columnist at the Rupert Murdoch-owned Wall Street Journal acknowledged that "billionaires' low taxes are becoming a problem for the economy," and Peter Mallouk, the CEO of wealth management firm Creative Planning, suggested that US wealth inequality "is 100% completely unsustainable as a society."
Boyle declared Thursday that "a secretary shouldn't pay a higher tax rate than the CEO. The current tax code is rigged against working people and the middle class. Our proposal finally changes this and makes billionaires pay their fair share."
Today, I'm introducing my wealth tax — and more than 50 members of Congress are joining me. It’s time for the government to start working for American families, not just the ultra-rich.
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— Elizabeth Warren (@warren.senate.gov) March 26, 2026 at 1:54 PM
Unions backing the bill include the American Federation of Government Employees; American Federation of Teachers; American Federation of State, County, and Municipal Employees (AFSCME); Communications Workers of America; Service Employees International Union; and United Steelworkers.
"Anti-worker extremists in Congress and their billionaire backers are slashing safety net programs and rigging the tax code to make the ultrawealthy richer as working families are pushed closer to the brink," said AFSCME president Lee Saunders. "The working people who keep this country running shouldn't be the ones carrying a heavier tax burden than the richest 0.1%."
"It's past time billionaires paid their fair share, so we can invest in the public services that working people need—from childcare to healthcare to food support," he argued. "Congress must pass Sen. Warren and Rep. Jayapal's Ultra-Millionaire Tax Act now."
Other organizations behind the bill include Americans for Tax Fairness, Climate Hawks Vote, Groundwork Collaborative, Indivisible, MomsRising, Oxfam America, Patriotic Millionaires, People's Action Institute, Public Citizen, the Sunrise Movement, and more.
“The United States is capable of sustaining the rich, stable, and free economy and country the vast majority of Americans—regardless of political party—actually want. The only way to ensure we get there, though, is by building a tax system that puts a check on the extreme inequality that threatens our economy and our democracy," said Patriotic Millionaires chair Morris Pearl.
"Millionaires like me want less inequality because we and our families will be better off in a society with less economic disparity. And it's not because I'm good or altruistic. I am not any more altruistic than the next person, I'm just greedy for a different kind of country than some other rich people in America," he continued. "I'm willing to pay more in taxes if it means helping us become the kind of country I know we can be. The Patriotic Millionaires are proud to support the Ultra-Millionaire Tax Act, and we urge Congress to act quickly to make this law."
Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) introduced another bill to tax the rich—the Make Billionaires Pay Their Fair Share Act—earlier this month, but neither proposal is likely to advance in the GOP-controlled Congress.
However, as historian Lawrence Wittner highlighted in a Thursday opinion piece for Common Dreams, "campaigns for state tax-the-rich legislation are flourishing in California, Colorado, New York, Oregon, Rhode Island, Texas, and Virginia, and have already succeeded in getting such legislation adopted in Massachusetts and Washington."
"Most Americans support proposals to raise taxes on the rich," he noted, citing a January poll that found 80% of Americans saw wealth inequality as a problem, 80% said the rich had too much political power, and 78% said taxes on billionaires were too low. Wittner concluded that "it's time to tax the rich."
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'This Is Not a Drill': Ad Promoting California Billionaire Tax Airs During Olympics
"Massive federal funding cuts will shut hospitals and emergency rooms forever because billionaires refuse to pay their fair share."
Feb 23, 2026
Organizers behind a proposed billionaire wealth tax in California aired their first campaign advertisement on the final day of the 2026 Winter Olympics over the weekend, styling the 30-second spot as an emergency alert warning of a looming healthcare catastrophe in the Golden State.
"This is not a drill," the ad says. "California healthcare is facing an emergency. Hospitals will close. Expect longer wait times and overcrowded emergency rooms. Massive federal funding cuts will shut hospitals and emergency rooms forever because billionaires refuse to pay their fair share. Prepare to make alternative plans for care, or vote yes to make billionaires pay their fair share."
Watch the ad:
The advertisement aired days after US Sen. Bernie Sanders (I-Vt.) headlined an event formally launching the push to get the proposed billionaire wealth tax on the California ballot in November amid intense opposition from the state's Democratic governor, Gavin Newsom, and some of its wealthiest residents.
If enacted, billionaires residing in California as of the start of 2026 would face a one-time 5% tax on their fortunes, and the revenue—around $100 billion, according to supporters—would go toward counteracting the impacts of federal cuts to Medicaid and nutrition assistance approved last summer by congressional Republicans and President Donald Trump. Proponents of the billionaire tax note that more than 3 million Californians could lose healthcare coverage if the state doesn't act.
Suzanne Jimenez, chief of staff at Service Employees International Union-United Healthcare Workers West, which is leading the campaign for the wealth tax, said the new ad "underscores the choice California faces—more tax breaks for billionaires, or keeping our hospitals open."
"It’s important to alert as many Californians as possible to the healthcare collapse that is looming, because it’s preventable if billionaires pay something closer to their fair share,” Jimenez added.
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Sanders to Oligarchs Opposing California Billionaire Tax: 'You're Treading on Very, Very Thin Ice'
"Starting right here in California, these billionaires are going to learn that we are still living in a democratic society where the people have some power," said Sen. Bernie Sanders.
Feb 19, 2026
US Sen. Bernie Sanders used his appearance at a rally in Los Angeles on Wednesday to call out—in some cases by name—the billionaires using tiny slices of their fortunes to fight a proposed wealth tax in California.
"What I can tell the oligarchs is that the American people are sick and tired of their greed," Sanders (I-Vt.) told an enthusiastic audience gathered at The Wiltern theater, with members of the crowd donning "Tax the Billionaires" T-shirts. "They are sick and tired of people like Sergey Brin, the co-founder of Google, who is spending $20 million to defeat this tax on billionaires."
"It's not just Mr. Brin," the senator continued. "Mark Zuckerberg is the wealthiest man in California and the fourth-wealthiest person in the world, worth $226 billion. And for Mr. Zuckerberg, it is apparently not good enough to own one yacht. He had to buy three yachts worth $530 million. He had to buy 11 homes in Palo Alto to make a family compound. Mr. Zuckerberg, you can afford to pay your fair share of taxes so that people have healthcare."
The senator also condemned billionaires' fearmongering about the supposed negative impacts of wealth taxes and threats to flee the state if the levy proposed in California is enacted.
"I would say to these oligarchs: Be careful, because you are treading on very, very thin ice," said Sanders. "At a time when the very rich are becoming phenomenally richer, when the very rich have been given a massive tax break by Donald Trump, when millions of people in this state are struggling to be able to afford healthcare, maybe billionaires should start paying their fair share of taxes."
Sanders's remarks came as California organizers, led by Service Employees International Union-United Healthcare Workers West (SEIU-UHW), continued their efforts to collect the roughly 875,000 signatures necessary to get the billionaire wealth tax proposal on the November ballot. Supporters of the proposal are facing opposition from some of the most powerful forces in California, including Democratic Gov. Gavin Newsom.
If approved, the measure would impose a one-time 5% tax on billionaires living in California as of the start of 2026, with the revenue aimed at offsetting the impacts of federal Medicaid cuts on the state's healthcare system.
“Massive federal healthcare cuts could force many of our local hospitals and emergency rooms to close their doors forever—all because billionaires insist on paying lower tax rates than the rest of us,” Suzanne Jimenez, chief of staff for SEIU-UHW, said at Wednesday's rally. “If we don’t act, hospitals and ERs across California will close, and patients will suffer."
"If we don’t act, millions of people will lose access to the healthcare services they rely on," Jimenez continued. "If we don’t act, our neighbors, our patients, and our loved ones will have to drive twice as far, and wait twice as long, to receive emergency care. And for what? So billionaires can have another yacht? I don’t think so!"
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Sanders to Rally for Billionaire Tax in California as Crypto Industry Joins Newsom in Opposition
"While US billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings," said Sen. Bernie Sanders. "That’s why I’ll be in LA this week fighting for a wealth tax on billionaires."
Feb 18, 2026
US Sen. Bernie Sanders is set to rally in California on Wednesday with frontline healthcare workers and other supporters of a proposed ballot measure that would impose a one-time 5% tax on the wealth of the roughly 200 billionaires who reside in the Golden State.
Sanders (I-Vt.), a longtime champion of efforts to redress massive income and wealth inequality nationwide, said in a statement ahead of Wednesday's rally that he "strongly" supports the proposed wealth tax in California, which is home to more billionaires than any other state in the US.
"While US billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings and 21% of seniors are trying to survive on less than $15,000 a year," Sanders wrote in a social media post earlier this week. "That’s why I’ll be in LA this week fighting for a wealth tax on billionaires."
Sanders' appearance at Wednesday's rally in Los Angeles, which is set to begin at 5 pm local time, comes as organizers behind the California wealth tax push are working to collect the roughly 875,000 signatures required to get the proposal on the November ballot.
"Union leaders believe the visit by Mr. Sanders will energize their campaign, which has already trained more than 1,000 volunteers and doubled the amount per signature that it is paying petition circulators," the New York Times reported on Tuesday.
"We are very grateful for the support of US Sen. Sanders, who for years has been telling the truth about the threat that income inequality poses to our nation—and to working people."
The Times also reported that "an opposition campaign committee with ties to the crypto industry, called Golden State Promise, officially formed on Friday" and "was expected to report this week $10 million in donations, including $5 million from Chris Larsen, a founder of the cryptocurrency company Ripple."
The proposal has also drawn opposition from Democratic California Gov. Gavin Newsom, who has close ties to Silicon Valley elites—some of the most vocal opponents of the state wealth tax plan. (Notably, the billionaire CEO of the most valuable company in the world, Nvidia, said earlier this year that he is "perfectly fine" with the proposal as others in his class pumped millions into the effort to defeat it.)
Newsom, widely seen as a possible 2028 presidential candidate, has publicly vowed to defeat the proposed wealth tax, which is aimed at raising funds to prevent a looming healthcare crisis spurred by federal Medicaid cuts that US President Donald Trump and congressional Republicans approved last summer.
"This will be defeated—there’s no question in my mind,” Newsom said in January. “I’ll do what I have to do to protect the state."
Proponents of the tax estimate that it would raise around $100 billion in revenue—much of which would be placed in a "Billionaire Tax Health Account" designed to help shore up the state's healthcare system.
Mayra Castaneda, an Ultrasound Technologist at St. Francis Medical Center in Lynwood, said that "we are very grateful for the support of US Sen. Sanders, who for years has been telling the truth about the threat that income inequality poses to our nation—and to working people."
"If we let these healthcare cuts stand, my patients will suffer. Hospitals and ERs will close, others will be strained by taking on more patients, and people will lose access to life-saving care,” said Castaneda. “This is all avoidable if billionaires just pay their fair share in California, so I’m going to do whatever is in my power to see this proposal pass in November. I’ll be telling my story alongside Sen. Sanders and urging my fellow Californians to take action to save lives.”
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'It Should Be Common Sense': Sanders to Headline Billionaire Tax Campaign Kickoff in California
"Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires."
Feb 10, 2026
US Sen. Bernie Sanders is headed to Los Angeles next week to lead a campaign kickoff for a bill that would impose a one-time 5% tax on the assets of California's billionaires to support the state's healthcare system, including by keeping hospitals and emergency departments open.
Economists, healthcare workers, and unions launched the fight for the tax last year, after Republicans in Congress and President Donald Trump enacted a budget package that included massive Medicaid cuts. Service Employees International Union-United Healthcare Workers West (SEIU-UHW) is spearheading the battle for the California Billionaire Tax Act.
Sanders (I-Vt.) endorsed the proposal in December, calling it "a model that should be emulated throughout the country." He is now set to appear at the Wiltern in Los Angeles alongside musical acts and other supporters of the ballot measure for the bill on Wednesday, February 18.
"At a time of unprecedented and growing wealth consolidation and income inequality, I strongly support the grassroots effort in California to impose this reasonable and necessary 5% wealth tax on about 200 California billionaires," Sanders said in a Tuesday statement.
"This initiative would provide the necessary funding to prevent over 3 million working-class Californians from losing the healthcare they currently have—and would help prevent the closures of California hospitals and emergency rooms," noted the senator, a longtime leading advocate of higher taxes for the ultrarich and Medicare for All.
"It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to lifesaving medical care," he added. "Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires."
Mayra Castaneda, an ultrasound technologist at St. Francis Medical Center in Lynwood, said that "we are very grateful for the support of US Sen. Sanders, who for years has been telling the truth about the threat that income inequality poses to our nation—and to working people."
"If we let these healthcare cuts stand, my patients will suffer," Castaneda stressed. "Hospitals and ERs will close, others will be strained by taking on more patients, and people will lose access to lifesaving care."
"This is all avoidable if billionaires just pay their fair share in California, so I'm going to do whatever is in my power to see this proposal pass in November," Castaneda continued. "I'll be telling my story alongside Sen. Sanders and urging my fellow Californians to take action to save lives."
Healthcare experts warn a crisis is here. Congress’s “Big, Beautiful Bill” cuts $100B from CA healthcare. LA Times: “People will die.” A one-time 5% billionaire tax can backfill the cuts and protect care.https://lat.ms/4amFfYK
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— SEIU-United Healthcare Workers West (@seiu-uhw.bsky.social) February 4, 2026 at 7:00 PM
According to the Los Angeles Times, which first reported on the upcoming event: "The supporters need to gather the signatures of nearly 875,000 registered voters and submit them to county elections officials by June 24 for the measure to qualify for the November ballot. They began gathering signatures in January."
While the bill targeting the state's billionaires is backed by Sanders—who caucuses with Democrats in Congress and twice sought the party's presidential nomination—its opponents include Democratic California Gov. Gavin Newsom, who is expected to run for president in 2028.
"Gavin Newsom is on the side of the billionaires, not the millions of working people who stand to lose healthcare because of the Trump cuts," progressive organizer Jonathan Rosenblum said after the governor made his position clear last month. "Shamefully typical of the Democratic establishment."
The Times noted Tuesday that other opponents include "San Jose Mayor Matt Mahan, who is among a dozen candidates running in November to replace the termed-out governor."
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