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The question before us in California is not complicated. Are we going to stand with the three million people—our friends and neighbors—about to lose their health care, or with the billionaire class that would rather we looked away?
There are more billionaires in my district and the surrounding area than almost any other Member of Congress. Within fifty miles of my district sits nearly a third of the entire American stock market—over $20 trillion in value—and five companies worth more than a trillion dollars each. For years, I have fought for fairness in our tax policy. If America has been good to you, you must do good for America.
There are 938 billionaires in America. Together they are worth $8.2 trillion. The bill I wrote with Bernie Sanders asks them for 5 percent every year.
This is a simple tax on wealth. Every year, this tax evaluates the total value of a billionaire’s holdings, their stock, their companies, their real estate, and taxes 5 percent of it. Not their income, which they have arranged to be almost nothing. The wealth itself. The same way a family pays property tax on a house whether or not they sell it. We conduct this assessment on individual’s estates already when they die.
This billionaire wealth tax will raise $4.4 trillion over a decade. This is enough to establish a $60,000 salary floor for every public school teacher in America, cap child care at 7 percent of a family’s income, and restore the $1 trillion stripped from Medicaid and the ACA, with a $3,000 check left over for every household under $150,000.
California legislators have proposed a state tax to target similar excessive wealth. A proposition on the November ballot would levy a one-time 5 percent tax on the wealth of the state’s 250 billionaires. Accrued over 5 years, it would raise $100 billion to save health care for 3 million Californians. I am backing it.
Opposing these landmark taxes, Governor Newsom has suggested a “minimum income tax”. The focus of this tax is billionaires’ reported income, as well as the loans they take out to live on. An income tax, not a wealth tax. That is the problem. Newsom goes after that income, but billionaires have very little. Most take no salary at all. They borrow against their stock, live on the loans, and pass the fortune to their children without ever selling a share. The wealth underneath goes untouched.
Bernie and I tax the wealth itself, and our bill raises $4.4 trillion. Newsom’s tax on these borrowed assets only raises 1/44th of that. That’s why the tech oligarchs support Newsom’s proposal. They hope they can trick folks into making the issue go away.
Same billionaires, forty-four times the revenue from Bernie and I’s proposal compared to Newsom’s.
Tax what they own, not what they report.
I was criticized for the bill, as well as my support of California’s proposed Billionaire Tax. Many said that the wealth flight from California would devastate our economy. They were wrong. In Q1 of 2026, California received more venture capital investment than the rest of the country combined. Then the billionaires spent millions propping up my primary challenger. He received 6 percent of the vote.
And the tax should not stop at billionaires, it must reach centimillionaires. The tax has to reach all fortunes $50 million and up, and one already does. Every year it has been introduced, I have cosponsored the Ultra-Millionaire Tax Act. It starts at $50 million: 2 percent a year on wealth above that line, And it reaches the money inside irrevocable trusts, taxed to the grantor who set them up. Moving a fortune into a trust should not take it off the books from a wealth tax.
Supporters are right to call the fight in California the reverse Proposition 13 of our generation. In 1978, California voted for Prop 13 to cap property taxes, and that anti-tax revolt carried Ronald Reagan to the presidency two years later. This is that revolt in reverse: instead of capping taxes on property, we are taxing the extreme wealth at the top. This is a philosophical fight, and California is the test case for the nation.
So the question is not complicated. Are we going to stand with the three million Californians about to lose their health care, or with the billionaire class that would rather we looked away? Are we the party of working people, or just the party of the donor class? Are we going to return to the party of FDR, or keep telling ourselves we need to do what the donors want?
Are we willing to tax extreme wealth, or only willing to talk about it?
I know my answer. We cannot have a nation where 938 people grow $1.5 trillion richer in a year while a teacher in my district takes a second job to cover rent.
"Effective populist messaging requires calling out the actors actually making life worse for Americans, and right now, that includes Big Tech and the billionaires behind it," said the head of Data for Progress.
After finding last fall that a majority of voters believe life in the United States is getting worse, and many are "extremely worried" about issues including cost of living, division, authoritarianism, wealth inequality, and the climate crisis, the polling firm Data for Progress decided to have Americans name the "bad actors" most responsible for the country's concerning conditions.
In a pair of surveys conducted last month, Data for Progress asked more than 2,000 Americans to rate the impact of various groups or industries on the US economy—"things like jobs, prices, and economic growth"—as well as American society, or "things like feelings of community, well-being, and social trust."
The top villains, according to respondents, are the nation's nearly 1,000 billionaires, then corporate landlords. Rounding out the top 10 were sports gambling marketplaces, artificial intelligence companies, cryptocurrency firms, payday lenders, the Republican Party, social media giants, the Democratic Party, and for-profit universities.

Respondents were asked to rank each group or industry on a seven-point scale from "extremely negative" to "extremely positive."
Those with the most positive views were small businesses, libraries, regional banks and credit unions, charitable organizations, hospitals, churches, public K-12 schools, online shopping platforms, large grocery companies, big box retailers, and urgent care clinics.
"Within categories, we see some meaningful differences between individual actors—mom-and-pop landlords, small regional banks, public K-12 schools, and renewable energy companies are viewed more positively than their counterparts: corporate landlords, multinational banks, charter K-12 schools, and oil and gas companies," the progressive polling firm noted.
With the November midterm elections just four months away, and Democrats trying to seize control of both chambers of Congress as progressives within the party notch key wins over more moderate candidates, Data for Progress executive director Ryan O'Donnell said that "effective populist messaging requires calling out the actors actually making life worse for Americans, and right now, that includes Big Tech and the billionaires behind it."
"As AI continues to impact people's lives directly—whether it's a data center in their backyard or a job replaced by automation—AI companies and tech billionaires are setting themselves up to be the next big villains in American politics," he added.
Earlier this week, as the US Supreme Court's right-wing supermajority "gave their blessing for billionaires to buy even more influence over the politicians who represent us," the watchdog Public Citizen released a report about soaring corporate political spending since the 2010 Citizens United v. Federal Election Commission ruling, including $517 million in this cycle so far.
Some of the top villains from Thursday's polling were key contributors to that figure: "Cryptocurrency, artificial intelligence, Big Tech, and online betting corporations have collectively spent $294 million to influence federal elections in the 2026 midterm cycle."
Blasting the corporate spending as "a disaster for democracy," the report's author, Rick Claypool, said that "if the current, broken campaign finance system remains unchallenged—and corporate spending is allowed to drown out the voices of real voters and real people—these corporate campaigns will keep multiplying, even as voting rights for individual Americans face escalating attacks."
That report and the Data for Progress polling were notably published as more than 250 million people across the United States faced high temperatures tied to the fossil fuel-driven climate emergency—and, as Common Dreams reported earlier Thursday, residents of communities with data centers are being asked to make sacrifices due to strained power grids.
Americans are also awaiting the fate of the bipartisan 21st Century ROAD to Housing Act—which includes a ban on corporate investors buying single-family homes to rent out—because Republican President Donald Trump has refused to sign it in an effort to bully GOP lawmakers into passing a legislative attack on voting rights.
In a comment that multiple congressional Democrats said shows Trump "does not care" about Americans' cost of living concerns, Trump on Monday called the affordable housing bill a "big yawn" compared with the Safeguard American Voter Eligibility, or SAVE America, Act that he wants Congress to send to his desk.
Monday’s ruling overturns the basic idea—part of the fabric of our government for well over a century—that Congress has the power to create independent regulatory bodies.
First of all, you should know that I spent five years of my life advising the commissioners of the Federal Trade Commission how they could best protect Americans from monopolies and deceptive corporate practices.
I’m proud of the work the FTC did then, and proud of much of what it’s accomplished since then. When I served there, the chair of the FTC was Michael Pertschuk, an energetic and charismatic trust-buster and consumer advocate. More recently, the FTC has been chaired by Lina Khan, who courageously stood up to some of the biggest and most politically powerful corporations in America.
Part of the reason the FTC has been so effective is that it is—or was—independent, and therefore immune to the political moves of powerful corporations seeking to stop it from acting for the common good.
The FTC was established in 1914 as part of what’s known as the “progressive era” when the government first sought to rescue the nation from the grip of the robber barons who then ran the railroads, oil, shipping, and much of the rest of the economy—and corrupted the nation’s politics—during the First Gilded Age.
These independent agencies, staffed with experts, have become a major countervailing power to the political clout of large corporations. But as of Monday, they’re no longer independent and no longer have any countervailing power.
Reformers of that era created an income tax to try to limit the Robber Barons’ incomes, caps on corporate campaign expenditures to limit their political reach, and independent regulatory agencies such as the FTC to limit their power.
That progressive era was followed by the New Deal, when Congress and FDR established other independent regulatory agencies, modeled in part on the FTC, to use their expertise for the benefit of the American people—and not just the wealthiest an most powerful citizens whose unbridled greed had led the nation into the Great Depression.
We’re now in America’s Second Gilded Age, when a new set of robber barons (think Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry and David Ellison) are running much of the economy and corrupting our politics.
Unfortunately, we now have a president and a Supreme Court, three of whose members he appointed, who are in their pockets.
Hence, Monday’s Supreme Court ruling that a president can utterly disregard the will of Congress and install his own hacks in all independent regulatory agencies (with the odd exception of the Federal Reserve Board).
The ruling is in direct conflict with a 1935 case in which the court ruled that FDR could not replace an FTC commissioner because Congress had explicitly given FTC commissioners protection against such firing, in a case known as Humphrey’s Executor v. United States. Monday marked the culmination of a years-long weakening of that New Deal-era precedent.
Humphrey’s Executor v. United States concerned a federal law that protected commissioners of the Federal Trade Commission, saying they could be removed only for “inefficiency, neglect of duty, or malfeasance in office”—the same language that Congress has since used to protect most other independent commissioners and board members throughout government.
Franklin D. Roosevelt nonetheless fired commissioner William Humphrey, arguing only that Humphrey’s actions were not aligned with the administration’s policy goals. The Supreme Court held that the firing was unlawful and the law establishing the independence of the Federal Trade Commission was constitutional.
But the Roberts Supreme Court doesn’t like independent regulatory agencies. Most of the current justices subscribe to what’s called the “unitary executive” theory, a bonkers notion that the framers intended for a president to have total control over every aspect of the executive branch.
It’s a bonkers theory because the framers didn’t say anything like this. In fact, their biggest fear was that the executive branch would become too powerful.
In 2020, the Roberts Supreme Court laid the groundwork for reversing Humphrey’s Executor in a case involving the Consumer Financial Protection Bureau. The law that created the bureau—again, using language identical to that at issue in Humphrey’s Executor—said the president could remove its director only for “inefficiency, neglect of duty, or malfeasance in office.”
In a 5-4 decision, the Roberts Supreme Court struck down that provision, ruling that it violated the separation of powers and that the president could remove the bureau’s director for any reason.
Roberts, writing for the majority, said the presidency requires an “energetic executive.” He continued, “In our constitutional system, the executive power belongs to the president, and that power generally includes the ability to supervise and remove the agents who wield executive power in his stead.”
Two justices—Clarence Thomas and Neil M. Gorsuch—would have pulled the plug on independent agencies then and there. Thomas wrote: “The decision in Humphrey’s Executor poses a direct threat to our constitutional structure and, as a result, the liberty of the American people. With today’s decision, the court has repudiated almost every aspect of Humphrey’s Executor. In a future case, I would repudiate what is left of this erroneous precedent.”
Justice Elena Kagan, writing for what were then the court’s four liberals, dissented, saying the Constitution did not address the scope of the president’s power to fire subordinates. Congress should therefore be free, she said, to grant agencies “a measure of independence from political pressure.”
That 2020 decision by the majority of the Supreme Court anticipated the Supreme Court’s decision in July of 2024 that granted Trump, then a private citizen, immunity from prosecution for any “official” conduct during his first term.
Of all the things the framers of the Constitution worried about, their biggest worry was that a president would become as powerful as a king. Which is why they created Congress and the judiciary—to check and constrain him.
Congress has by now established 19 independent regulatory agencies, including the Securities and Exchange Commission, the Federal Reserve, the Commodity Futures Trading Commission, the National Labor Relations Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and the Office of Special Counsel.
These independent agencies, staffed with experts, have become a major countervailing power to the political clout of large corporations.
But as of Monday, they’re no longer independent and no longer have any countervailing power.
Monday’s ruling overturns the basic idea—part of the fabric of our government for well over a century—that Congress has the power to create independent agencies.
As the nation prepares to mark the 250th anniversary of our independence from a king, the Supreme Court and our current president are doing everything possible to resurrect a king in America.