Sen. Bernie Sanders to kick off California billionaires tax campaign
Senator Bernie Sanders, a political hero among liberals and populists, will officially launch the campaign for a new tax on billionaires in the November elections in California next week.
Sanders said in a statement that the controversial proposal, which would impose a one-time 5% tax on the assets of the state’s wealthiest residents, is critical to filling federal funding cuts to health care by the Trump administration.
“This initiative will provide the funding needed to prevent more than 3 million working-class Californians from losing the health care they already have and will help prevent the closure of California hospitals and emergency rooms,” he said. “It should be prudent for billionaires to pay a little more so that the entire community can maintain access to life-saving medical care. Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.”
The independent senator from Vermont, who caucuses with Democrats at the nation’s Capitol, will perform at the Wiltern in Los Angeles on Feb. 18, alongside prominent musical acts. Sanders has deep support among California Democrats; He won the state’s 2020 presidential primary by eight points over Joe Biden and narrowly lost the 2016 primary to Hillary Clinton. He won the votes of more than 2 million Californians in both elections; they were also a major source of small-dollar donations that fueled rebel campaigns.
The tax proposal, which Sanders previously endorsed on social media, was proposed by the Service Employees International Union-United Healthcare Workers West. For the measure to qualify for the November ballot, supporters must collect the signatures of about 875,000 registered voters and submit them to county election officials by June 24. They started collecting signatures in January.
Supporters of the tax argue it is one of several ways the state can offset massive federal cuts to health care for California’s most vulnerable residents. Opponents warn it would stifle the innovation that makes the state rich and lead to an exodus of wealthy entrepreneurs.
More than 200 billionaire Californians would be affected if the proposal qualifies for the ballot and is approved. Some prominent billionaires, such as PayPal co-founder Peter Thiel and venture capitalist David Sacks, have already left the state.
Both men were big supporters of President Trump.
Democrats are divided on the issue. Notably, Gov. Gavin Newsom and San Jose Mayor Matt Mahan, who are among a dozen candidates running to replace the outgoing governor in November, oppose the proposal.
