Sanders Backs Push for Billionaire Tax in California as Newsom Raises Money to Fight It
“Yes: We need a wealth tax on billionaires,” said US Sen. Bernie Sanders.
US Sen. Bernie Sanders speaks to a crowd in Los Angeles on April 12, 2025.
(Photo by Sam Ghazi/Middle East Images via AFP)
Jake Johnson
Dec 31, 2025
COMMON DREAMS
US Sen. Bernie Sanders on Tuesday endorsed an effort in California to impose a one-time tax on the wealth of the state’s billionaires, a grassroots campaign that has drawn opposition from Democratic Gov. Gavin Newsom and powerful investors.
Sanders (I-Vt.) said the proposed ballot initiative, which is currently in the signature-gathering phase, “is a model that should be emulated throughout the country.” The senator said he plans to introduce a proposal for a national wealth tax in the near future.
“In my view, in a democratic society, we cannot continue to tolerate a rigged economy in which 60% of our people live paycheck to paycheck—struggling to pay for housing, food, and healthcare while the top 1% now owns more wealth than the bottom 93%,” Sanders said in a statement posted to social media. “We must not continue a trend in which, over the past 50 years, $79 trillion in wealth in our country has been redistributed from the bottom 90% to the top 1%.”
If placed on the November 2026 ballot and approved by voters, the California Billionaire Tax Act would levy a single 5% tax on the wealth of the roughly 200 billionaires who reside in the state. Those subject to the tax would have the option of paying the amount owed all at once or over a period of five years.
Organizers say the measure would generate $100 billion in revenue, which the state could use to avert a looming healthcare crisis fueled by the unprecedented Medicaid cuts that US President Donald Trump and congressional Republicans enacted over the summer.
“California is facing massive federal healthcare cuts—$20 to $30 billion a year for the next five years,” said Suzanne Jimenez, chief of staff of Service Employees International Union-United Healthcare Workers West, a top supporter of the proposed ballot initiative.
“The billionaire tax would raise dollar-for-dollar emergency funding of $100 billion through a one-time 5% tax on the worldwide net worth of California’s billionaires,” Jimenez added. “Any reductions in state income tax would be negligible in comparison to the billions that will be raised by the billionaire tax. And billionaires would still be taxed at lower rates than were in effect under President Reagan.”
“We need a tax system that demands that the billionaire class finally pays their fair share of taxes.”
Last week, California Attorney General Rob Bonta formally issued the title and summary of the proposed initiative as prominent billionaires—including Peter Thiel and Larry Page—threatened to leave the state over the measure, which would apply retroactively to those living in California as of January 1, 2026. Thiel is facing a potential $1.2 billion tax, while Page would have to pay roughly $12 billion.
The New York Times reported last week that Newsom, “who has been close with people like Mr. Page, is raising money for a committee to oppose the measure.”
“The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records,” the Times added.
Other lawmakers from the state are supporting the measure, including US Rep. Ro Khanna (D-Calif.), who represents Silicon Valley.
Sanders, in his Tuesday statement, applauded Khanna, saying he is “absolutely right to support this effort.”
“From a moral, economic, and political perspective, our nation will not thrive when so few own so much while so many have so little,” said Sanders. “We need a tax system that demands that the billionaire class finally pays their fair share of taxes.”
“Yes: We need a wealth tax on billionaires,” said US Sen. Bernie Sanders.
US Sen. Bernie Sanders speaks to a crowd in Los Angeles on April 12, 2025.
(Photo by Sam Ghazi/Middle East Images via AFP)
Jake Johnson
Dec 31, 2025
COMMON DREAMS
US Sen. Bernie Sanders on Tuesday endorsed an effort in California to impose a one-time tax on the wealth of the state’s billionaires, a grassroots campaign that has drawn opposition from Democratic Gov. Gavin Newsom and powerful investors.
Sanders (I-Vt.) said the proposed ballot initiative, which is currently in the signature-gathering phase, “is a model that should be emulated throughout the country.” The senator said he plans to introduce a proposal for a national wealth tax in the near future.
Gavin Newsom Wants a ‘Big Tent Party,’ But Opposes Wealth Tax Supported by Large Majority of Americans
Khanna Hits Back as Silicon Valley Oligarchs Threaten Primary Challenge Over California Billionaires Tax
“In my view, in a democratic society, we cannot continue to tolerate a rigged economy in which 60% of our people live paycheck to paycheck—struggling to pay for housing, food, and healthcare while the top 1% now owns more wealth than the bottom 93%,” Sanders said in a statement posted to social media. “We must not continue a trend in which, over the past 50 years, $79 trillion in wealth in our country has been redistributed from the bottom 90% to the top 1%.”
If placed on the November 2026 ballot and approved by voters, the California Billionaire Tax Act would levy a single 5% tax on the wealth of the roughly 200 billionaires who reside in the state. Those subject to the tax would have the option of paying the amount owed all at once or over a period of five years.
Organizers say the measure would generate $100 billion in revenue, which the state could use to avert a looming healthcare crisis fueled by the unprecedented Medicaid cuts that US President Donald Trump and congressional Republicans enacted over the summer.
“California is facing massive federal healthcare cuts—$20 to $30 billion a year for the next five years,” said Suzanne Jimenez, chief of staff of Service Employees International Union-United Healthcare Workers West, a top supporter of the proposed ballot initiative.
“The billionaire tax would raise dollar-for-dollar emergency funding of $100 billion through a one-time 5% tax on the worldwide net worth of California’s billionaires,” Jimenez added. “Any reductions in state income tax would be negligible in comparison to the billions that will be raised by the billionaire tax. And billionaires would still be taxed at lower rates than were in effect under President Reagan.”
“We need a tax system that demands that the billionaire class finally pays their fair share of taxes.”
The New York Times reported last week that Newsom, “who has been close with people like Mr. Page, is raising money for a committee to oppose the measure.”
“The committee received a $100,000 donation from the venture capitalist Ron Conway in November, according to state campaign finance records,” the Times added.
Other lawmakers from the state are supporting the measure, including US Rep. Ro Khanna (D-Calif.), who represents Silicon Valley.
Sanders, in his Tuesday statement, applauded Khanna, saying he is “absolutely right to support this effort.”
“From a moral, economic, and political perspective, our nation will not thrive when so few own so much while so many have so little,” said Sanders. “We need a tax system that demands that the billionaire class finally pays their fair share of taxes.”
LIBERAL WISHFUL THINKING
How Billionaires of Conscience Can Use Their Wealth to Take Down Trump
The Super Rich are sitting on trillions of dollars of “dead money.” It only takes a few dozen of them to save the Republic with “live money” comprising a fraction of 1% of their assets.
Thousands of demonstrators flood the streets of Charlotte, North Carolina on Flag Day, which also marks the 250th anniversary of the US Army, to protest against President Donald Trump on June 14, 2025.
(Photo by Peter Zay/Anadolu via Getty Images)
Ralph Nader
Dec 31, 2025
Common Dreams
There are reportedly about 900 billionaires (probably more) in the US About 5% can be described as enlightened people who know the importance of contributing to organizations that advance justice. They are also appalled by the Trump dictatorship and are not placated simply because he gave them tax cuts, deregulation, and maybe corporate welfare. On their minds is the well-being and freedoms of millions of their fellow Americans, whose lives are being cruelly and viciously wrecked by President Donald Trump, as he destroys the federal civil service.
I’ve talked with some of these very rich people (VRP) and heard them say they want to get engaged, so appalled are they by the lawless, egomaniacal, self-enriching, violent plutocrat Trump and his dump. Trump and COMPANY are only going to get MUCH WORSE. What follows are some suggestions on how the VRPs can get underway.
There are reportedly about 900 billionaires (probably more) in the US About 5% can be described as enlightened people who know the importance of contributing to organizations that advance justice. They are also appalled by the Trump dictatorship and are not placated simply because he gave them tax cuts, deregulation, and maybe corporate welfare. On their minds is the well-being and freedoms of millions of their fellow Americans, whose lives are being cruelly and viciously wrecked by President Donald Trump, as he destroys the federal civil service.
I’ve talked with some of these very rich people (VRP) and heard them say they want to get engaged, so appalled are they by the lawless, egomaniacal, self-enriching, violent plutocrat Trump and his dump. Trump and COMPANY are only going to get MUCH WORSE. What follows are some suggestions on how the VRPs can get underway.
1. Sponsor a massive day of protest demanding the impeachment or resignation of Tyrant Trump. More will turn out than did the 7 million Americans marching in hundreds of communities under the “No Kings” banner. A growing majority of people already want this to happen.
With skilled management and verification, these marchers can be asked to take out their iPhones and contribute what they can to create strong local groups that resist Trump’s ongoing wreckage of our basic social safety net; our regulatory health, safety, and economic protections; and our voting rights against Trumpian planned interference in the 2026 elections. Even with just an average of a $10 contribution, at least $100 million would be raised on the protest day to give Americans daily organized power to focus on the White House’s outlawry, violent actions, and thievery. People organizing where they live, work, and raise their families is the first step to reclaiming our democracy.
2. Sponsor a group to counter Trump’s shattering of the Internal Revenue Service (IRS), firing thousands of staff responding to calls by middle-class taxpayers, and hundreds of highly skilled accountants and lawyers working on many cases of giant tax evasions by big corporations and the super rich. Many of these cases have been dropped, and the already starved IRS budget was cut sharply by the Trumpsters.
This project can be ably assisted by seven outspoken former IRS directors from both parties who have already testified and written open letters warning that the shoe will heavily drop next year, with tens of billions of uncollected dollars adding to the federal deficit and, worse, longer delays for taxpayers’ inquiries. (See, “More Tax Breaks For the Wealthy” by Jesse Drucker, New York Times, November 10, 2025).
3. Take on the further shredding of our preparedness toward climate violence and “not if, but when” pandemics (see, The Big One: How We Must Prepare for Future Deadly Pandemics by Dr. Michael T. Osterholm and Mark Olshaker). This should be an easy one to organize and fund with advocates by the VRP. Trump is boosting oil, gas, and coal (the sources of omnicidal greenhouse gases) while crazily doing whatever he can to depress or stop commercial solar energy and wind energy projects. The project would have the public health and scientific professions as well as the solar industry behind it.
4. This White House project is bold because the VRP know they would be assailed by Tyrant Trump. But the case against his extortion of companies, law firms, and universities, forcing them to engage in bribery if they comply with his unlawful demands, is powerfully grounded. Trump—the Bully-in-Chief—likes to dish out the slander and libel, calling for the impeachment of any judge ruling against his misrule, and naming other critical law enforcers as “deranged,” “crazy,” “communist,” “crooked,” “low IQ,” and more. A drive to counter these slurs and hurl some back at Trump would drive this thin-skinned Fuhrer to more self-immolating performances, further lowering his dropping polls.
5. A broad-ranging counterforce can cover the largest shutdown of federal agencies and programs in American history. Vastly immobilized from their congressionally mandated missions are the Consumer Financial Protection Bureau (CFPB), the Environmental Protection Agency (EPA), the Department of Education, and the US Agency for International Development. The latter’s illegal abolition is already costing many lives lost overseas, endangering millions of children and adults who are without medicines, food supplements, shelter, and safe drinking water. All kinds of other mandated missions have been cut at the Centers for Disease Control and Prevention, National Institutes of Health, NOAA (weather research and forecasting), US Department of Agriculture, assistance to people with disabilities, Meals on Wheels, Head Start, AmeriCorps, Medicaid, and food programs for tens of millions of Americans, and much more.
6. There are very-rich corporate and plaintiff tort lawyers who could address the slumber of the 50-state Bar Associations and the American Bar Association. They are supposed to be the First Responders to the destruction of the Rule of Law and our Constitution by the Rule of Raw Power criminal attacks by the Trump regime. Recall Trump’s 2019 declaration, “With Article II, I can do whatever I want as President,” which he is exhibiting every day with his brazen, boasting serial violations and blatant racism.
Waking up the legal profession would receive support from both lawyers who see themselves as Republicans or Democrats. They just need jump-start leadership—as the lessons of reformist history demonstrate time and time again. (See our letter to the Bar Associations.)
7. Finally, a prostrate GOP-dominated Congress is facilitating or enabling, contrary to their sworn vows to uphold the Constitution and the faithful execution of the laws, the deepening fascist state driven by the White House’s seizure of authority exclusively given to Congress by our Founding Fathers. This project would activate the grassroots, which has been calling for strong action at Town Meetings nationwide.
The Super Rich are sitting on trillions of dollars of “dead money.” It only takes a few dozen of them to save the Republic with “live money” comprising a fraction of 1% of their assets. Most of them are looking over their shoulder to see who takes the first steps.
Who takes the first steps? Aristotle had the answer over 2,000 years ago. He said, “Courage is the first of human qualities because it is the quality which guarantees the others.”
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Ralph Nader
Ralph Nader is a consumer advocate and the author of "The Seventeen Solutions: Bold Ideas for Our American Future" (2012). His new book is, "Wrecking America: How Trump's Lies and Lawbreaking Betray All" (2020, co-authored with Mark Green).
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