Sanders Rallies Support for California Billionaire Tax at LA Event

The senator from Vermont was the only elected leader at the event, which formally kicked off a health care union's campaign to put the tax proposal on the ballot.

Published on Feb. 24, 2026

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Senator Bernie Sanders of Vermont brought his populist message to Los Angeles on Wednesday, railing against tech titans, corporate media outlets and income inequality as he sought to drum up support for a campaign to tax California billionaires. The proposed initiative calls for a one-time 5 percent tax on the net worth of all California residents with more than $1 billion, with the funds going towards healthcare, food assistance and education.

Why it matters

The billionaire tax proposal has caused friction within California's political establishment, with Governor Gavin Newsom vowing to defeat it and several Democratic gubernatorial candidates opposing the measure. The absence of any California politicians at the rally was notable, as the proposal may go before voters in November.

The details

The union proposing the tax, the Service Employees International Union-United Healthcare Workers West, argues that the funds are necessary to make up for federal health care cuts. The union has not yet collected enough signatures to put the initiative on the ballot, but it is already facing well-financed opposition from cryptocurrency executives and other tech billionaires. California's nonpartisan legislative analyst has estimated that the tax would deliver tens of billions of dollars in one-time money for the state, but could also lead to hundreds of millions of dollars or more in continuing losses from billionaires leaving California.

  • The rally took place on Wednesday, February 19, 2026.

The players

Bernie Sanders

A senator from Vermont who brought his populist message to the rally in Los Angeles.

Gavin Newsom

The Democratic governor of California who has vowed to defeat the billionaire tax proposal.

Service Employees International Union-United Healthcare Workers West

The union that is proposing the billionaire tax initiative.

Rob Lapsley

The president of the California Business Roundtable, one of several groups working to defeat the billionaire tax measure.

Dave Regan

The president of the SEIU-UHW union who has been negotiating with Governor Newsom to drop the ballot measure.

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What they’re saying

“At a time when the very rich are becoming phenomenally richer, when the very rich have been given a massive tax break by Donald Trump, when millions of people in this state are struggling to be able to afford health care, maybe billionaires should start paying their fair share of taxes.”

— Bernie Sanders, Senator (New York Times)

“This wealth tax will devastate our innovation economy, destabilize our tax revenue even further, and ultimately be something we all pay through higher taxes, fees, and increased prices on everyday essentials.”

— Rob Lapsley, President, California Business Roundtable (New York Times)

“The times we're in, we need to level this playing field because it's excessive.”

— Alfredo Salazar, Union Representative, Teamsters (New York Times)

What’s next

The union sponsoring the proposal has not yet collected enough signatures to put the initiative on the November 2026 ballot. Governor Newsom has said he has been trying to negotiate with the union's president to drop the ballot measure, but they have not reached a deal.

The takeaway

The proposed billionaire tax in California has sparked a political battle, with Senator Sanders rallying support for the measure while Governor Newsom and business leaders oppose it, raising concerns about the potential impact on the state's economy and innovation hub. The outcome of this fight could have significant implications for the future of wealth taxes and income inequality in the state.