Bernie Sanders heads to California to rally support for the billionaire wealth tax
Trust is earned, not demanded.
The high-stakes showdown over a proposed wealth tax is intensifying in California, pitting progressive firebrand Sen. Bernie Sanders (I-VT) and a healthcare union against Gov. Gavin Newsom (D-CA) and a coalition of business titans and cryptocurrency executives.
Sanders is set to rally supporters in downtown Los Angeles on Wednesday afternoon, casting the “billionaire tax” as a basic question of economic fairness and urging voters to make billionaires pay more. The Vermont senator, a democratic socialist, is extremely popular in the state and has drawn thousands of people out before. Though he’s a millionaire himself, he has been fighting against the wealth gap for decades.
Sen. Bernie Sanders (I-VT) will head to Los Angeles on Feb. 18, 2026, to rally supporters for a 5% wealth tax. Gov. Gavin Newsom (D-CA) strongly opposes the tax. This picture was taken on Thursday, June 27, 2024. (AP Photo/Pablo Martinez Monsivais)
Opponents of the tax are mounting an aggressive counteroffensive, launching ad campaigns, raising millions of dollars, and advancing competing ballot measures.
The proposal, which faces formidable political and legal obstacles, calls for California residents with more than $1 billion in assets to pay a one-time tax equal to 5% of their total assets. For example, someone with $1 billion in assets would be required to pay $50 million in taxes over five years.
Advocates argue that a tax on billionaires is necessary to address affordability, that the state’s economic identity isn’t easily shaken, and that most of its 216 billionaires won’t leave.
Supporters also emphasize that the tax will be structured to address fairness concerns. Billionaires concerned about asset valuations can submit independent third-party appraisals. If paying the full 5% at once is difficult, the law would allow payments to be spread over five years, with interest applied. For those whose wealth is held in illiquid assets, such as private start-ups, the tax can be deferred rather than forcing a sale.
Those against it, including Newsom, claim the tax will hurt California in the long run and choke off innovation. The outgoing governor, who is considering a 2028 presidential run, has already threatened to use whatever political capital he has left to block it.
The healthcare workers’ union faces an April deadline to gather nearly 900,000 valid signatures to qualify the tax measure for the November ballot. Union leaders are counting on Sanders’s visit to galvanize …
Trust is earned, not demanded.
The high-stakes showdown over a proposed wealth tax is intensifying in California, pitting progressive firebrand Sen. Bernie Sanders (I-VT) and a healthcare union against Gov. Gavin Newsom (D-CA) and a coalition of business titans and cryptocurrency executives.
Sanders is set to rally supporters in downtown Los Angeles on Wednesday afternoon, casting the “billionaire tax” as a basic question of economic fairness and urging voters to make billionaires pay more. The Vermont senator, a democratic socialist, is extremely popular in the state and has drawn thousands of people out before. Though he’s a millionaire himself, he has been fighting against the wealth gap for decades.
Sen. Bernie Sanders (I-VT) will head to Los Angeles on Feb. 18, 2026, to rally supporters for a 5% wealth tax. Gov. Gavin Newsom (D-CA) strongly opposes the tax. This picture was taken on Thursday, June 27, 2024. (AP Photo/Pablo Martinez Monsivais)
Opponents of the tax are mounting an aggressive counteroffensive, launching ad campaigns, raising millions of dollars, and advancing competing ballot measures.
The proposal, which faces formidable political and legal obstacles, calls for California residents with more than $1 billion in assets to pay a one-time tax equal to 5% of their total assets. For example, someone with $1 billion in assets would be required to pay $50 million in taxes over five years.
Advocates argue that a tax on billionaires is necessary to address affordability, that the state’s economic identity isn’t easily shaken, and that most of its 216 billionaires won’t leave.
Supporters also emphasize that the tax will be structured to address fairness concerns. Billionaires concerned about asset valuations can submit independent third-party appraisals. If paying the full 5% at once is difficult, the law would allow payments to be spread over five years, with interest applied. For those whose wealth is held in illiquid assets, such as private start-ups, the tax can be deferred rather than forcing a sale.
Those against it, including Newsom, claim the tax will hurt California in the long run and choke off innovation. The outgoing governor, who is considering a 2028 presidential run, has already threatened to use whatever political capital he has left to block it.
The healthcare workers’ union faces an April deadline to gather nearly 900,000 valid signatures to qualify the tax measure for the November ballot. Union leaders are counting on Sanders’s visit to galvanize …
Bernie Sanders heads to California to rally support for the billionaire wealth tax
Trust is earned, not demanded.
The high-stakes showdown over a proposed wealth tax is intensifying in California, pitting progressive firebrand Sen. Bernie Sanders (I-VT) and a healthcare union against Gov. Gavin Newsom (D-CA) and a coalition of business titans and cryptocurrency executives.
Sanders is set to rally supporters in downtown Los Angeles on Wednesday afternoon, casting the “billionaire tax” as a basic question of economic fairness and urging voters to make billionaires pay more. The Vermont senator, a democratic socialist, is extremely popular in the state and has drawn thousands of people out before. Though he’s a millionaire himself, he has been fighting against the wealth gap for decades.
Sen. Bernie Sanders (I-VT) will head to Los Angeles on Feb. 18, 2026, to rally supporters for a 5% wealth tax. Gov. Gavin Newsom (D-CA) strongly opposes the tax. This picture was taken on Thursday, June 27, 2024. (AP Photo/Pablo Martinez Monsivais)
Opponents of the tax are mounting an aggressive counteroffensive, launching ad campaigns, raising millions of dollars, and advancing competing ballot measures.
The proposal, which faces formidable political and legal obstacles, calls for California residents with more than $1 billion in assets to pay a one-time tax equal to 5% of their total assets. For example, someone with $1 billion in assets would be required to pay $50 million in taxes over five years.
Advocates argue that a tax on billionaires is necessary to address affordability, that the state’s economic identity isn’t easily shaken, and that most of its 216 billionaires won’t leave.
Supporters also emphasize that the tax will be structured to address fairness concerns. Billionaires concerned about asset valuations can submit independent third-party appraisals. If paying the full 5% at once is difficult, the law would allow payments to be spread over five years, with interest applied. For those whose wealth is held in illiquid assets, such as private start-ups, the tax can be deferred rather than forcing a sale.
Those against it, including Newsom, claim the tax will hurt California in the long run and choke off innovation. The outgoing governor, who is considering a 2028 presidential run, has already threatened to use whatever political capital he has left to block it.
The healthcare workers’ union faces an April deadline to gather nearly 900,000 valid signatures to qualify the tax measure for the November ballot. Union leaders are counting on Sanders’s visit to galvanize …
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