Senator Bernie Sanders officially launched a campaign on Wednesday to introduce a billionaires tax for California’s November ballot, framed as part of a broader struggle against economic inequality and the power of the wealthy elite. Addressing 2,000 supporters at the Wiltern in Los Angeles, Sanders criticized billionaires for treating themselves as a separate ruling class and emphasized the need for democratic accountability.
The proposed tax, a one-time 5% levy on the assets of California’s billionaires, aims to compensate for federal healthcare funding cuts instigated by the Trump administration, which could potentially impact millions of Californians and threaten the viability of local hospitals. Sanders drew attention to systemic issues, including income disparity and the consequences of automation, attributing them to the greed of the rich.
While the proposal has strong popular support, it faces resistance from various politicians, including California Governor Gavin Newsom, who worry it could push wealthy residents out of the state and harm its economy. Opponents argue for alternative strategies to address wealth distribution without risking California’s financial stability.
