Sanders Rallies in California for Billionaire Wealth Tax

Vermont senator campaigns for proposed one-time 5% tax on billionaires' assets to fund healthcare for low-income residents.

Published on Feb. 21, 2026

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Vermont Sen. Bernie Sanders traveled to California on Friday to rally support for a proposed one-time, 5% tax on billionaires' assets that would fund healthcare for low-income residents in the state. California has more billionaires than any other state, and advocates, including some unions, are working to place the wealth tax initiative on the June ballot. The proposal faces opposition from Silicon Valley and California Gov. Gavin Newsom, who said it will drive high earners out of the state.

Why it matters

The wealth tax proposal is part of a broader debate over how to address income inequality and ensure the ultra-wealthy pay their 'fair share' in taxes. Sanders has championed a national wealth tax, arguing the 'billionaire class cannot have it all' while many struggle to afford basic healthcare.

The details

Sanders rallied in Los Angeles on Friday to voice his support for the California wealth tax initiative. The proposed tax would be a one-time, 5% levy on the assets of billionaires residing in the state. Advocates, including some unions, are working to get the measure on the June 2026 ballot. However, the proposal faces opposition from Silicon Valley and California Gov. Gavin Newsom, who warned it could drive high earners out of the state.

  • Sanders held the rally in Los Angeles on Friday, February 21, 2026.
  • The California wealth tax initiative is being considered for the June 2026 ballot.

The players

Bernie Sanders

A U.S. Senator from Vermont and prominent progressive voice who has championed a national wealth tax.

Gavin Newsom

The Governor of California who has expressed concerns that the proposed wealth tax could drive high earners out of the state.

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What they’re saying

“The billionaire class cannot have it all. So the issue comes down to whether or not we ask the wealthiest people in this country– many of them living right here in California– to start paying their fair share of taxes, so that 3 million people in the state can get health care. And I think the answer is pretty obvious. Yes, that's what we've got to do.”

— Bernie Sanders, U.S. Senator (WCAX)

What’s next

The proposed California wealth tax initiative still needs to gather enough signatures to qualify for the June 2026 ballot. If it makes the ballot, it would then need to be approved by California voters.

The takeaway

The wealth tax debate in California highlights the broader national discussion over how to address income inequality and ensure the ultra-wealthy pay their fair share in taxes. While the proposal faces opposition, it reflects the growing political momentum behind calls for higher taxes on billionaires and other high-net-worth individuals.