Wealth Tax Opponents Intensify Efforts as Sanders Visits California

Gov. Newsom, crypto executives, and business leaders ramp up opposition to proposed wealth tax measure ahead of Sanders rally.

Published on Feb. 19, 2026

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As Senator Bernie Sanders visits California this week to rally support for a proposed wealth tax, opponents led by Governor Gavin Newsom, crypto executives, and business leaders are intensifying their efforts to stop the measure. The opponents are deploying ads, raising money, and pursuing competing ballot measures in an attempt to prevent the wealth tax from becoming law.

Why it matters

The wealth tax proposal, backed by a healthcare workers' union, aims to raise tens of billions of dollars for critical programs by taxing billionaires. However, opponents warn that the measure could stifle innovation and drive wealthy residents out of the state. The battle is seen as a test of California's political landscape, with Sanders' populist message clashing against Newsom's business-friendly approach.

The details

The healthcare workers' union has until April to collect nearly 900,000 valid signatures to place the wealth tax measure on the November ballot. Opponents, including a group tied to Newsom, are launching social media ads targeting Democratic activists and other party insiders, warning that the tax would harm innovation and drive away wealthy residents. A crypto-industry-backed opposition campaign, called Golden State Promise, has also been formed and is expected to report a $10 million donation from a Ripple co-founder. Additionally, three competing initiatives have been filed, which could make it harder for the wealth tax measure to qualify or nullify it if it reaches the ballot.

  • The wealth tax measure must collect nearly 900,000 valid signatures by April to qualify for the November ballot.
  • Senator Bernie Sanders is scheduled to hold a rally in Los Angeles on Wednesday, February 22, 2026.
  • The California Democratic Party convention in San Francisco is scheduled for this weekend, February 24-26, 2026.

The players

Bernie Sanders

A Vermont independent and former Democratic presidential candidate who is visiting California to rally support for the wealth tax proposal.

Gavin Newsom

The Democratic governor of California who has raised concerns about the wealth tax, citing its potential to harm innovation and drive away wealthy residents.

Service Employees International Union-United Healthcare Workers West

The healthcare workers' union that has initiated the wealth tax proposal and is leading the signature-gathering effort to qualify it for the November ballot.

Chris Larsen

A co-founder of the cryptocurrency company Ripple, who is expected to donate $10 million to the Golden State Promise opposition campaign.

Sergey Brin

A co-founder of Google, who has poured $35 million into the Building a Better California PAC, which is supporting three competing ballot initiatives that could prevent the wealth tax from qualifying or nullify it if it reaches the ballot.

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What they’re saying

“It's unfortunate that instead of trying to figure out how to make sure that we don't see a health care collapse in the state, wealthy individuals and their friends choose to go this route.”

— Suzanne Jimenez, Chief of Staff, Service Employees International Union-United Healthcare Workers West (New York Times)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.