Bernie Sanders Campaigns for Billionaire Tax in Newsom's Backyard

The Vermont senator rallies support for a proposed 5% tax on billionaire assets in California, despite opposition from the state's Democratic governor.

Published on Feb. 21, 2026

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Bernie Sanders is campaigning in Los Angeles for a California ballot proposal that would impose a one-time 5% tax on the assets of billionaires to backfill federal funding cuts to health services for lower-income people. The proposal has created a rift between Sanders and Democratic Gov. Gavin Newsom, who opposes the tax, warning it could leave government finances in crisis and put the state at a competitive disadvantage.

Why it matters

The debate over the billionaire tax proposal is unfolding at a time when voters in both parties express unease with economic conditions and distrust of government's ability to address them. The issue has divided prominent Democrats like Sanders and Newsom, which could complicate the party's efforts to maintain unity ahead of the midterm elections.

The details

The proposal, backed by a large health care union, would tax billionaires' stocks, art, businesses, collectibles and intellectual property. Sanders has endorsed the tax, saying it should be a template for other states. However, Newsom and his allies warn it could trigger an exodus of billionaires and cost the state hundreds of millions in tax revenue.

  • Sanders is planning a late afternoon rally near downtown Los Angeles on Wednesday, February 18, 2026.

The players

Bernie Sanders

A Vermont senator and democratic socialist who is popular in California and has campaigned against wealthy elites and income inequality.

Gavin Newsom

The Democratic governor of California who opposes the billionaire tax proposal, warning it could harm the state's finances and competitiveness.

Brian Brokaw

A longtime Newsom adviser who is leading a political committee opposing the billionaire tax.

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What they’re saying

“Our nation will not thrive when so few own so much.”

— Bernie Sanders (X)

“The issues that are really going to be motivating Democrats this year, affordability and the cost of health care and cuts to schools, none of these would be fixed by this proposal. If fact, they would be made worse.”

— Brian Brokaw, Newsom adviser

What’s next

It's not clear if the proposal will make the ballot, as supporters must gather more than 870,000 petition signatures.

The takeaway

The billionaire tax debate has created a rift between progressive Democrats like Sanders and moderates like Newsom, which could complicate the party's efforts to maintain unity ahead of the midterm elections when voters are already expressing unease about the economy and government's ability to address their concerns.