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SANDERS BACKS PUSH FOR BILLIONAIRE TAX IN CALIFORNIA AS NEWSOM RAISES
MONEY TO FIGHT IT  
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Jake Johnson
December 31, 2025
Common Dreams [[link removed]]

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_ “Yes: We need a wealth tax on billionaires,” said US Sen.
Bernie Sanders. _

US Sen. Bernie Sanders speaks to a crowd in Los Angeles on April 12,
2025., (Photo by Sam Ghazi/Middle East Images via AFP)

 

US Sen. Bernie Sanders
[[link removed]] on Tuesday endorsed
an effort in California to impose a one-time tax on the wealth of the
state’s billionaires, a grassroots campaign that has drawn
opposition from Democratic Gov. Gavin Newsom
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and powerful investors.

Sanders (I-Vt.) said the proposed ballot initiative
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which is currently in the signature-gathering phase
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“is a model that should be emulated throughout the country.” The
senator said he plans to introduce a proposal for a national wealth
tax in the near future.

“In my view, in a democratic society, we cannot continue to tolerate
a rigged economy in which 60% of our people live paycheck to
paycheck—struggling to pay for housing, food, and healthcare
[[link removed]] while the top 1% now
owns more wealth than the bottom 93%,” Sanders said in a statement
posted to social media
[[link removed]]. “We must not
continue a trend in which, over the past 50 years, $79 trillion in
wealth in our country has been redistributed from the bottom 90% to
the top 1%.”

 
If placed on the November 2026 ballot and approved by voters, the
California Billionaire Tax Act would levy a single 5% tax on the
wealth of the roughly 200 billionaires who reside in the state. Those
subject to the tax would have the option of paying the amount owed all
at once or over a period of five years.

Organizers say the measure would generate $100 billion in revenue,
which the state could use to avert a looming healthcare crisis fueled
by the unprecedented Medicaid
[[link removed]] cuts that US President
Donald Trump [[link removed]] and
congressional Republicans
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summer.

“California is facing massive federal healthcare cuts—$20 to $30
billion a year for the next five years,” said Suzanne Jimenez, chief
of staff of Service Employees International Union-United Healthcare
Workers [[link removed]] West, a top
supporter of the proposed ballot initiative.

“The billionaire tax would raise dollar-for-dollar emergency funding
of $100 billion through a one-time 5% tax on the worldwide net worth
of California’s billionaires,” Jimenez added. “Any reductions in
state income tax would be negligible in comparison to the billions
that will be raised by the billionaire tax. And billionaires would
still be taxed at lower rates than were in effect under President
Reagan.”

Last week, California Attorney General Rob Bonta formally issued
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the title and summary of the proposed initiative as prominent
billionaires—including Peter Thiel and Larry Page—threatened
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to leave the state over the measure, which would apply retroactively
to those living in California as of January 1, 2026. Thiel is facing a
potential $1.2 billion tax, while Page would have to pay roughly $12
billion.

The _New York Times_ [[link removed]]
reported
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last week that Newsom, “who has been close
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with people like Mr. Page, is raising money for a committee to oppose
the measure.”

“The committee received a $100,000 donation from the venture
capitalist Ron Conway in November, according to state campaign finance
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_Times_ added.

Other lawmakers from the state are supporting the measure, including
US Rep. Ro Khanna
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who represents Silicon Valley.

Sanders, in his Tuesday statement, applauded Khanna, saying he is
“absolutely right to support this effort.”

“From a moral, economic, and political perspective, our nation will
not thrive when so few own so much while so many have so little,”
said Sanders. “We need a tax system that demands that the
billionaire class finally pays their fair share of taxes.”

_Jake Johnson is a senior editor and staff writer for Common Dreams._

 

* Bernie Sanders
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* wealth tax
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* California
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