Sen. Bernie Sanders officially launched a campaign for a billionaires tax in California, calling it a vital fight against the oligarchy that he believes separates itself from the American public. At a rally in Los Angeles, he emphasized that the wealthy elite, likened to historical aristocracies, have amassed incredible wealth while disregarding the struggles of common citizens.
The proposed tax is a one-time 5% levy on the assets of California billionaires to counteract federal healthcare funding cuts enacted during the Trump administration. Supporters have begun gathering signatures to get the measure on the November ballot. Sanders framed the issue as part of a broader struggle against growing inequality and corporate greed, with personal testimonies from those affected by healthcare cuts highlighting the urgency of the initiative.
While the proposal has considerable support among California voters, it also faces opposition from prominent Democrats, including Gov. Gavin Newsom, who warn it may drive wealthy individuals out of the state, impacting its economy and fiscal health. Critics argue that the tax could destabilize California’s tax base and lead to higher taxes for everyone if high earners leave.
Sanders plans to engage with tech leaders and discuss the implications of artificial intelligence on workers during his time in California, maintaining a focus on the intersection of wealth, healthcare, and systemic inequality. The proposal has sparked intense debate, with some conservatives and business leaders actively working against it.
