AP
Election 2026 California Billionaires Tax
FILE - U.S. Sen. Bernie Sanders, I-Vt., speaks during Mayor Zohran Mamdani's inauguration ceremony, Jan. 1, 2026, in New York.
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Bernie Sanders has traveled to Los Angeles to kick off a campaign for a proposed “billionaires tax” that has set off an uproar in the Silicon Valley and led to divisions among Democrats. Sanders said at a rally that passage of the tax would show “the billionaire class cannot have it all.” The proposal has not qualified for the ballot so far. It calls for a one-time 5% tax on the assets of billionaires to backfill federal health funding cuts for lower-income people. The proposal has created a rift between Gov. Gavin Newsom and prominent members of his party’s progressive wing ahead of this year's elections.
