Sanders Rallies for California Billionaire Tax After Spending $550K on Private Jets

Senator touts proposed 5% tax on billionaires, but critics say it could drive wealth out of state.

Published on Feb. 27, 2026

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Sen. Bernie Sanders flew to Los Angeles to headline a rally for the California Billionaire Tax Act, a 2026 ballot initiative that would impose a one-time 5% tax on billionaires. Sanders called out tech leaders like Sergey Brin and Mark Zuckerberg, accusing them of not paying their fair share. However, critics point out the irony of Sanders spending over $550,000 on private jet travel in 2025 while lecturing billionaires about greed and excess.

Why it matters

The proposed billionaire tax is seen as a way to raise funds for healthcare, but opponents warn it could prompt high-net-worth individuals and businesses to leave California, leading to long-term revenue losses. This highlights the tension between voters' desire for more tax revenue from the wealthy and the reality that capital can move to avoid such taxes.

The details

The California Billionaire Tax Act is projected to raise $100 billion over five years, but that figure depends on billionaires staying in the state. Several high-profile billionaires, including Larry Page, Larry Ellison, and Mark Zuckerberg, are reportedly already cutting ties with California in anticipation of the tax. Critics argue that the progressive approach of identifying revenue shortfalls and then proposing to tax the wealthy often backfires as the wealthy relocate.

  • Sanders flew to Los Angeles this week to headline the rally.
  • The California Billionaire Tax Act is set to go before voters on November 3, 2026.

The players

Bernie Sanders

A U.S. Senator from Vermont and a prominent progressive voice who has long advocated for higher taxes on the wealthy.

Sergey Brin

The co-founder of Google, one of the tech leaders Sanders called out by name at the rally.

Mark Zuckerberg

The co-founder and CEO of Facebook, another tech leader Sanders criticized for not paying their fair share.

Gavin Newsom

The Governor of California, who has warned that a billionaire tax could lead to long-term revenue losses if high-net-worth residents leave the state.

Tom Morello

The guitarist for the band Rage Against the Machine, who headlined the event alongside Sanders.

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What they’re saying

“Starting right here in California these billionaires are going to learn we are still living in a democratic society where the people have the power.”

— Bernie Sanders, U.S. Senator

“My name is Tom Morello, and I am a union man.”

— Tom Morello, Guitarist, Rage Against the Machine

“Never before in American history have we seen the kind of greed, arrogance and moral turpitude.”

— Bernie Sanders, U.S. Senator (New York Post)

What’s next

The California Billionaire Tax Act will go before voters on November 3, 2026. If passed, it would impose a one-time 5% tax on billionaires in the state.

The takeaway

This debate highlights the tension between voters' desire for more tax revenue from the wealthy and the reality that capital can move to avoid such taxes. The progressive approach of identifying revenue shortfalls and then proposing to tax the wealthy often backfires, as seen with several high-profile billionaires reportedly already cutting ties with California in anticipation of the proposed tax.