Bernie Sanders to Kick Off California Billionaires' Tax Campaign

Proposal aims to backfill federal healthcare cuts, but faces opposition from some Democrats

Published on Feb. 10, 2026

Got story updates? Submit your updates here. ›

Sen. Bernie Sanders, a prominent liberal voice, will formally launch a campaign next week to place a new tax on California billionaires on the November ballot. The controversial proposal would impose a one-time 5% tax on the assets of the state's wealthiest residents, with the goal of preventing over 3 million Californians from losing their healthcare and keeping hospitals and emergency rooms open. Sanders will appear at an event in Los Angeles to rally support for the measure, which is being pushed by the Service Employees International Union-United Healthcare Workers West.

Why it matters

This ballot initiative highlights the ongoing debate over how to fund healthcare services, especially in the wake of federal funding cuts. While supporters argue it's a necessary step to protect vulnerable residents, opponents warn it could stifle innovation and prompt an exodus of wealthy entrepreneurs from the state.

The details

The proposed tax would affect more than 200 billionaires in California. Supporters need to gather nearly 875,000 signatures by June 24 to qualify the measure for the November ballot. Sanders, who has a strong base of support among California Democrats, previously endorsed the proposal on social media. However, the issue has divided Democrats, with Gov. Gavin Newsom and San Jose Mayor Matt Mahan opposing the plan.

  • Sanders will formally launch the campaign on February 18, 2026 in Los Angeles.
  • Supporters must gather signatures by June 24, 2026 to qualify the measure for the November 2026 ballot.

The players

Bernie Sanders

A U.S. Senator from Vermont and a prominent liberal voice who is kicking off the campaign for the California billionaires' tax.

Service Employees International Union-United Healthcare Workers West

The union that is proposing the California billionaires' tax initiative and leading the signature-gathering effort.

Gavin Newsom

The Governor of California who opposes the proposed billionaires' tax.

Matt Mahan

The Mayor of San Jose and a candidate for California governor who opposes the proposed billionaires' tax.

Peter Thiel

A prominent billionaire and supporter of former President Donald Trump who has already left California.

David Sacks

A venture capitalist and supporter of former President Donald Trump who has also left California.

Got photos? Submit your photos here. ›

What they’re saying

“This initiative would provide the necessary funding to prevent over 3 million working-class Californians from losing the healthcare they currently have - and would help prevent the closures of California hospitals and emergency rooms.”

— Bernie Sanders, U.S. Senator

“It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care. Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.”

— Bernie Sanders, U.S. Senator

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This ballot initiative highlights the ongoing debate over how to fund healthcare services, especially in the wake of federal funding cuts. While supporters argue it's a necessary step to protect vulnerable residents, opponents warn it could stifle innovation and prompt an exodus of wealthy entrepreneurs from the state.