Sanders pushes California billionaire wealth tax amid heated debate

Bernie Sanders urged California voters to approve a one-time 5% wealth tax on assets above $1 billion to offset federal health and education cuts, arguing it would curb oligarchic power and reinforce democracy. The proposal, backed by SEIU-UHW, faces strong opposition from Gov. Gavin Newsom and tech leaders like Sergey Brin who are funding countermeasures. Organizers are gathering signatures to put the measure on the November ballot; if approved, the tax would retroactively apply to wealth in 2025 and affect about 200 residents, with the nonpartisan LAO noting potential tens of billions in revenue but significant uncertainty if wealthy residents depart. A January poll shows about 48% support, 38% oppose, and 14% undecided, underscoring the proposal’s political risk in deep-blue California.