Sanders Kicks Off Billionaires Tax Campaign with Fiery Rhetoric

Vermont senator frames proposal as a fight against the "ruling elite" and "oligarchs"

Published on Feb. 24, 2026

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Sen. Bernie Sanders formally launched a campaign to place a billionaires tax on the November ballot in California, framing the proposal as a fight against the wealthy "ruling elite" who he says no longer see themselves as part of American society. Speaking at a rally in Los Angeles, Sanders compared billionaires to "kings, queens and czars of yore" and accused them of transforming the world with revolutionary technologies like AI and robotics while ignoring the needs of the working class.

Why it matters

The proposed wealth tax is aimed at making up for massive federal healthcare funding cuts, but it has created a notable schism among California Democrats who are concerned it could drive the state's wealthy residents to leave, hurting the state's finances. The debate highlights the broader tensions around growing income inequality, the political power of the ultra-wealthy, and the role of government in addressing these issues.

The details

Sanders' rally featured labor leaders, healthcare workers, and others whose lives have been impacted by federal healthcare cuts. The senator tied the wealth tax proposal to broader problems like the consolidation of corporate power, the decline in worker wages, and the threats of AI and automation. Supporters say the one-time 5% tax on billionaire assets could raise $100 billion to backfill the healthcare funding gap, but critics argue it would destroy the state's innovation economy and ultimately lead to higher taxes for all Californians.

  • Sanders formally launched the campaign to place the billionaires tax on the November 2026 ballot on February 19, 2026.
  • The California Budget & Policy Center estimates that as many as 3.4 million Californians could lose Medi-Cal coverage, rural hospitals could shutter, and other healthcare services would be slashed unless a new funding source is found.

The players

Bernie Sanders

An independent senator from Vermont who is promoting a labor union's proposal to impose a one-time 5% tax on the assets of California billionaires and trusts to backfill federal healthcare funding cuts.

Gavin Newsom

The governor of California who opposes the wealth tax proposal, arguing it could drive economic investment and tax revenue out of the state.

Matt Mahan

The mayor of San Jose who is among the dozen candidates running to replace the termed-out governor and who has argued the wealth tax proposal has already hurt the state's finances.

Peter Thiel

A Silicon Valley billionaire and major Trump supporter who has announced he has already decamped from California because of the wealth tax effort.

David Sacks

A venture capitalist and major Trump supporter who has also announced he has already left California because of the wealth tax proposal.

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What they’re saying

“The billionaire class no longer sees itself as part of American society. They see themselves as something separate and apart, like the oligarchs.”

— Bernie Sanders, U.S. Senator (The Tribune)

“Some people are free to choose between five-star restaurants, while others choose which dumpster will provide their next meal. Some are free to choose between penthouse suites, while others are free to choose in which gutter to lay their heads.”

— Tom Morello, Rage Against the Machine Guitarist (The Tribune)

“For me, this fight is very personal. Without my health coverage, the thought of going to the emergency room is terrifying. That injection I rely on costs nearly $10,000 a month. That shot keeps my disease under control. Without it, my health, my life, are at risk, and I'm not alone. Millions of Americans are facing the same after massive federal healthcare cuts are putting our hospitals on the brink of collapse.”

— Lisandro Preza, Unite Here Local 11 Leader (The Tribune)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This campaign highlights the growing tensions around wealth inequality, the political power of billionaires, and the role of government in addressing these issues. The debate over the wealth tax proposal in California could have significant implications for the state's finances, innovation economy, and the broader national conversation around taxing the ultra-wealthy.