Bernie Sanders Going Back to California to Rally for Billionaire Tax Ballot Measure
The democratic socialist senator said he’s returning to the Golden State “to demand that billionaires finally pay their fair share and help elect strong progressives to Congress.”

US Sen. Bernie Sanders (I-Vt.) speaks at the Billionaire Tax Now rally on February 18, 2026 in Los Angeles.
(Photo by Jason Armond/Los Angeles Times via Getty Images)
Brett Wilkins
Sep 28, 2026
COMMON DREAMS
US Sen. Bernie Sanders is set to rally in California this weekend with Reps. Ro Khanna and Aisha Wahab in support of Proposition 40, a November ballot measure that would impose a one-time 5% tax on the wealth of the state’s billionaires to fund healthcare and education amid historic cuts to social spending by President Donald Trump and the Republican-controlled Congress.
Sanders (I-Vt.) announced the upcoming appearances Monday on social media as the Prop 40 campaign enters its final weeks, with billionaire opponents pouring millions of dollars into efforts to defeat it.
In San Francisco on Saturday and Los Angeles next Monday, Sanders will headline “Ballots Over Billionaires” rallies hosted by SEIU United Healthcare Workers West, which led the introduction of the voter initiative.
Sanders will be joined in San Francisco and Los Angeles by Khanna (D-Calif.) and Jane Kim, a progressive candidate for California insurance commissioner and former San Francisco supervisor who was the state and regional political director for Sanders’ 2020 presidential campaign. Sanders won California’s Democratic primary that year.
“Sen. Bernie Sanders is a champion for working people, and I’m honored to have his support in the final stretch of our campaign as we rally for affordability and insurance for all,” Kim told Inside California Politics.
On Sunday, Sanders is also scheduled to speak at a canvass launch with Wahab (D-Calif.) in Livermore before heading south to Bakersfield, where he is hosting a Fighting Oligarchy rally with special guest Randy Villegas, the Democratic nominee for California’s 22nd Congressional District.
“On November 3rd, at a time of unprecedented income and wealth inequality, the people of California will decide whether to pass a 5% wealth tax on more than 200 billionaires in California who are worth $2.2 trillion,” Sanders said in a recent social media post. “Proposition 40 would raise enough revenue to prevent 3 million working-class Californians from losing the healthcare they currently have as a result of Trump’s so-called Big Beautiful Bill.”
“Last year, these billionaires became $500 billion richer,” he continued. “As a result of a rigged tax code, they pay a lower effective tax rate than a plumber or a nurse. The greed of these billionaires is really extraordinary.”
“Instead of paying their fair share of taxes, billionaires are now spending $229 million—0.01% of their wealth—to oppose a 5% tax on their wealth,” Sanders added.
Prop 40 may be the most hotly contested measure on California’s midterm ballot. The initiative enjoys strong support from California progressives but is opposed not only by billionaires and their interests but also by outgoing Democratic Gov. Gavin Newsom—who is widely believed to be preparing to run for president—and both candidates running to succeed him as governor, Democratic former US secretary of health and human services Xavier Becerra and Republican commentator Steve Hilton.
Billionaire-backed opposition has intensified as November’s midterms approach. Building a Better California, funded by Silicon Valley billionaires including Google co-founder Sergey Brin, has put millions of dollars into the fight against Prop 40.
Recent polling from the Public Policy Institute of California showed Prop 40 narrowly leading 52%-46%.
“Let’s be clear: These billionaires have more money than they could spend in over 100 lifetimes,” Sanders said last week. “How many mansions do they need? How many yachts do they need? How many private jets do they need?”
“I say to the billionaire class: Control your greed,” the senator added. “Show a bit of compassion to working families and their kids in California.”
The democratic socialist senator said he’s returning to the Golden State “to demand that billionaires finally pay their fair share and help elect strong progressives to Congress.”

US Sen. Bernie Sanders (I-Vt.) speaks at the Billionaire Tax Now rally on February 18, 2026 in Los Angeles.
(Photo by Jason Armond/Los Angeles Times via Getty Images)
Brett Wilkins
Sep 28, 2026
COMMON DREAMS
US Sen. Bernie Sanders is set to rally in California this weekend with Reps. Ro Khanna and Aisha Wahab in support of Proposition 40, a November ballot measure that would impose a one-time 5% tax on the wealth of the state’s billionaires to fund healthcare and education amid historic cuts to social spending by President Donald Trump and the Republican-controlled Congress.
Sanders (I-Vt.) announced the upcoming appearances Monday on social media as the Prop 40 campaign enters its final weeks, with billionaire opponents pouring millions of dollars into efforts to defeat it.
In San Francisco on Saturday and Los Angeles next Monday, Sanders will headline “Ballots Over Billionaires” rallies hosted by SEIU United Healthcare Workers West, which led the introduction of the voter initiative.
Sanders will be joined in San Francisco and Los Angeles by Khanna (D-Calif.) and Jane Kim, a progressive candidate for California insurance commissioner and former San Francisco supervisor who was the state and regional political director for Sanders’ 2020 presidential campaign. Sanders won California’s Democratic primary that year.
“Sen. Bernie Sanders is a champion for working people, and I’m honored to have his support in the final stretch of our campaign as we rally for affordability and insurance for all,” Kim told Inside California Politics.
On Sunday, Sanders is also scheduled to speak at a canvass launch with Wahab (D-Calif.) in Livermore before heading south to Bakersfield, where he is hosting a Fighting Oligarchy rally with special guest Randy Villegas, the Democratic nominee for California’s 22nd Congressional District.
“On November 3rd, at a time of unprecedented income and wealth inequality, the people of California will decide whether to pass a 5% wealth tax on more than 200 billionaires in California who are worth $2.2 trillion,” Sanders said in a recent social media post. “Proposition 40 would raise enough revenue to prevent 3 million working-class Californians from losing the healthcare they currently have as a result of Trump’s so-called Big Beautiful Bill.”
“Last year, these billionaires became $500 billion richer,” he continued. “As a result of a rigged tax code, they pay a lower effective tax rate than a plumber or a nurse. The greed of these billionaires is really extraordinary.”
“Instead of paying their fair share of taxes, billionaires are now spending $229 million—0.01% of their wealth—to oppose a 5% tax on their wealth,” Sanders added.
Prop 40 may be the most hotly contested measure on California’s midterm ballot. The initiative enjoys strong support from California progressives but is opposed not only by billionaires and their interests but also by outgoing Democratic Gov. Gavin Newsom—who is widely believed to be preparing to run for president—and both candidates running to succeed him as governor, Democratic former US secretary of health and human services Xavier Becerra and Republican commentator Steve Hilton.
Billionaire-backed opposition has intensified as November’s midterms approach. Building a Better California, funded by Silicon Valley billionaires including Google co-founder Sergey Brin, has put millions of dollars into the fight against Prop 40.
Recent polling from the Public Policy Institute of California showed Prop 40 narrowly leading 52%-46%.
“Let’s be clear: These billionaires have more money than they could spend in over 100 lifetimes,” Sanders said last week. “How many mansions do they need? How many yachts do they need? How many private jets do they need?”
“I say to the billionaire class: Control your greed,” the senator added. “Show a bit of compassion to working families and their kids in California.”
These 22 California Billionaires Don’t Want to Pay Their Fair Share
A small segment of the state’s 200-plus billionaires has stepped up to oppose Prop 40, a ballot proposal to tax billionaires, contributing millions to opposition groups and vocally speaking out against the one-time fee.

Entrepreneur and venture capitalist Peter Thiel visits “FOX & Friends” at Fox News Channel Studios on August 09, 2019 in New York City.
(Photo by John Lamparski/Getty Images)
Chuck Collins
Oct 01, 2026

Nobel-Winning Economists Say California Billionaire Tax Could Be ‘Turning Point in the Battle Between Democracy and Oligarchy’
In a brief report, California’s Billionaire Wealth Surge: Meet the 22 California Billionaires Opposing Prop 40 Billionaire Wealth Tax, we identified 22 California billionaires who are active funders and outspoken opponents of Prop 40. Together they have given over $150 million to oppose the initiative—with more rolling in every day. These 22 include a prince, several private jet flying chums of Jeffrey Epstein, and a bunch of crypto and tech bros designing the AI future for the rest of us.
Thiel’s wealth is 10,759 times the median wealth of a Californian household.
On January 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By September 1, 2026, their wealth had grown to $722.1 billion.
In a little under 20 months, their combined wealth increased $282.6 billion, a gain of over 64%.
Just to be clear, these “snowflake billionaires” are whining, wailing, and donating money to fight a tax that would effectively require them to part with one-eighth of the wealth they’ve gained since January 1, 2025.
This group includes Google’s Sergey Brin who has been the single largest opposition donor, chipping in over $102 million to fight Prop 40. Brin has seen his wealth grow a whopping 70% in the last 20 months, from $148 billion on January 1, 2025 to $253 billion on September 1, 2026. Brin’s wealth is 83,498 times the median wealth of a Californian household, which is $303,000.
Palantir’s Peter Thiel gave $3 million to the No on 40 campaign and has called on other billionaires to move out of California. In the last 20 months, Thiel’s wealth increased a whopping 120.27%, from $14.8 billion on January 1, 2025 to $32.6 billion on September 1, 2026 (Forbes). Thiel’s wealth is 10,759 times the median wealth of a Californian household.
Chris Larsen, founder of cryptocurrency firm Ripple, has given over $5 million to the No on Prop 40 Campaign, along with another $5 million from Ripple and $12 million to Building a Better California. His personal wealth increased 23.5%, from $10.2 billion to $12.6 billion in the last 20 months. His wealth is 4,158 times the wealth of the median California family.
Venture capitalist John Doerr gave $10 million to No On 40. In the last 20 months, Doerr’s wealth increased 47.97%, from $14.8 billion on January 1, 2025 to $21.9 billion on September 1, 2026. Doerr’s wealth is 7,227 times the median wealth of a Californian household.
Three of the 20 saw their wealth decline over this 20-month period: Tony Xu, Marc Pincus, and Marco DeGeorge. But most have experienced substantial gains.
The Under-Taxed California Billionaire
In California, the state’s 231 billionaires (as of Sept 1, 2026) hold approximately $2.117 trillion in wealth ($2.3 trillion as of Sept 22, 2026) and pay incredibly low taxes on their riches.
According to an analysis published by economists Gabriel Zucman and Emmanuel Saez, from 2019 to 2025, while California billionaires’ wealth grew an average of over 15% per year, they paid, on average, just 0.26% of their wealth annually in state income taxes. Sergey Brin and Larry Page paid just 0.07% of their wealth annually in California income tax during that period. I guess we can see why they don’t want anything to change.
This analysis was prepared by the Institute for Policy Studies and Tax the Ultra-Rich Now (TURN). More detailed dossiers will be available soon. Press release HERE.
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Chuck Collins
Chuck Collins is co-founder of CARP and author of Burned by Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet.
Full Bio >
A small segment of the state’s 200-plus billionaires has stepped up to oppose Prop 40, a ballot proposal to tax billionaires, contributing millions to opposition groups and vocally speaking out against the one-time fee.

Entrepreneur and venture capitalist Peter Thiel visits “FOX & Friends” at Fox News Channel Studios on August 09, 2019 in New York City.
(Photo by John Lamparski/Getty Images)
Chuck Collins
Oct 01, 2026
Inequality.org
On November 3, 2026, California voters will vote on Proposition 40, a one-time 5% levy on the net worth of billionaires who were California residents on January 1, 2026. Ninety percent of the revenue would fund healthcare programs, with the remainder set aside for food assistance and education.
A small segment of the state’s 200-plus billionaires has stepped up to oppose Prop 40, contributing millions to opposition groups and vocally speaking out against the one-time fee.
On November 3, 2026, California voters will vote on Proposition 40, a one-time 5% levy on the net worth of billionaires who were California residents on January 1, 2026. Ninety percent of the revenue would fund healthcare programs, with the remainder set aside for food assistance and education.
A small segment of the state’s 200-plus billionaires has stepped up to oppose Prop 40, contributing millions to opposition groups and vocally speaking out against the one-time fee.

Nobel-Winning Economists Say California Billionaire Tax Could Be ‘Turning Point in the Battle Between Democracy and Oligarchy’
In a brief report, California’s Billionaire Wealth Surge: Meet the 22 California Billionaires Opposing Prop 40 Billionaire Wealth Tax, we identified 22 California billionaires who are active funders and outspoken opponents of Prop 40. Together they have given over $150 million to oppose the initiative—with more rolling in every day. These 22 include a prince, several private jet flying chums of Jeffrey Epstein, and a bunch of crypto and tech bros designing the AI future for the rest of us.
Thiel’s wealth is 10,759 times the median wealth of a Californian household.
On January 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By September 1, 2026, their wealth had grown to $722.1 billion.
In a little under 20 months, their combined wealth increased $282.6 billion, a gain of over 64%.
Just to be clear, these “snowflake billionaires” are whining, wailing, and donating money to fight a tax that would effectively require them to part with one-eighth of the wealth they’ve gained since January 1, 2025.
This group includes Google’s Sergey Brin who has been the single largest opposition donor, chipping in over $102 million to fight Prop 40. Brin has seen his wealth grow a whopping 70% in the last 20 months, from $148 billion on January 1, 2025 to $253 billion on September 1, 2026. Brin’s wealth is 83,498 times the median wealth of a Californian household, which is $303,000.
Palantir’s Peter Thiel gave $3 million to the No on 40 campaign and has called on other billionaires to move out of California. In the last 20 months, Thiel’s wealth increased a whopping 120.27%, from $14.8 billion on January 1, 2025 to $32.6 billion on September 1, 2026 (Forbes). Thiel’s wealth is 10,759 times the median wealth of a Californian household.
Chris Larsen, founder of cryptocurrency firm Ripple, has given over $5 million to the No on Prop 40 Campaign, along with another $5 million from Ripple and $12 million to Building a Better California. His personal wealth increased 23.5%, from $10.2 billion to $12.6 billion in the last 20 months. His wealth is 4,158 times the wealth of the median California family.
Venture capitalist John Doerr gave $10 million to No On 40. In the last 20 months, Doerr’s wealth increased 47.97%, from $14.8 billion on January 1, 2025 to $21.9 billion on September 1, 2026. Doerr’s wealth is 7,227 times the median wealth of a Californian household.
Three of the 20 saw their wealth decline over this 20-month period: Tony Xu, Marc Pincus, and Marco DeGeorge. But most have experienced substantial gains.
California Billionaires vs. the Median California Household
The number of billionaires in California has grown, with their average wealth remaining roughly between $9.1 to $9.4 billion. As of September 1, 2026, the 231 billionaires identified as living in California have a combined wealth of $2.117 trillion. Just 20 months ago, there were 178 billionaires in California with a combined wealth of $1.685 trillion.
To show how quickly billionaire wealth has accelerated since the pandemic, let’s go back in time six years. In early 2020, all 815 billionaires residing in the United States had a combined wealth of $2.9 trillion, only slightly more than what the 231 California billionaires have today in 2026.
Meanwhile, the median net worth of a California household has risen a marginal 5.2% increasing $15,000 from $288,000 in 2025 to $303,000 in 2026. A Californian with $1 billion dollars in wealth has 303 times the wealth of the median California household.
Under Prop 40, this billionaire will pay a one-time tax of $50 million to support healthcare, education, and food assistance for their fellow Californians leaving them $950 million to survive on.
The number of billionaires in California has grown, with their average wealth remaining roughly between $9.1 to $9.4 billion. As of September 1, 2026, the 231 billionaires identified as living in California have a combined wealth of $2.117 trillion. Just 20 months ago, there were 178 billionaires in California with a combined wealth of $1.685 trillion.
To show how quickly billionaire wealth has accelerated since the pandemic, let’s go back in time six years. In early 2020, all 815 billionaires residing in the United States had a combined wealth of $2.9 trillion, only slightly more than what the 231 California billionaires have today in 2026.
Meanwhile, the median net worth of a California household has risen a marginal 5.2% increasing $15,000 from $288,000 in 2025 to $303,000 in 2026. A Californian with $1 billion dollars in wealth has 303 times the wealth of the median California household.
Under Prop 40, this billionaire will pay a one-time tax of $50 million to support healthcare, education, and food assistance for their fellow Californians leaving them $950 million to survive on.
The Under-Taxed California Billionaire
In California, the state’s 231 billionaires (as of Sept 1, 2026) hold approximately $2.117 trillion in wealth ($2.3 trillion as of Sept 22, 2026) and pay incredibly low taxes on their riches.
According to an analysis published by economists Gabriel Zucman and Emmanuel Saez, from 2019 to 2025, while California billionaires’ wealth grew an average of over 15% per year, they paid, on average, just 0.26% of their wealth annually in state income taxes. Sergey Brin and Larry Page paid just 0.07% of their wealth annually in California income tax during that period. I guess we can see why they don’t want anything to change.
This analysis was prepared by the Institute for Policy Studies and Tax the Ultra-Rich Now (TURN). More detailed dossiers will be available soon. Press release HERE.
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Chuck Collins
Chuck Collins is co-founder of CARP and author of Burned by Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet.
Full Bio >
‘I Know Where I Want to Live’: Ex-Venture Capitalist Explains Why He’d Be Happy to Pay California Billionaire Tax
“I believe it’s a patriotic duty to pay taxes, and I do so with pride. Our tax system favors wealthy people, and the least we can do is pay up rather than try to avoid it.”

An attendee holds a sign before the start of a rally led by US Senator Bernie Sanders (I-Vt.) during the campaign kickoff for the California Billionaire Tax Act at the Wiltern in Los Angeles on February 18, 2026.
(Photo by Patrick T. Fallon/AFP via Getty Images)
Brett Wilkins
Oct 01, 2026
COMMON DREAMS
As some of California’s richest residents pour tens of millions of dollars into defeating a proposed billionaire tax, one former venture capitalist is making a remarkably different argument: He is perfectly happy to pay it—and he’s not alone.
John O’Farrell, a former partner at Andreessen Horowitz, explained Wednesday in a 12-post thread on the social media platform X why he supports the California Billionaire Tax Act, commonly known as Proposition 40, which is on the state’s November midterm ballot.
O’Farrell’s argument contradicts the chorus of Silicon Valley billionaires and their allies who warn that taxing billionaire wealth would drive the ultra-rich out of California.
“I know where I want to live,” he wrote.
“I’ve been fortunate to benefit from tech wealth. I’m not even close to being a billionaire, but I could easily afford to pay the wealth tax—and any billionaire certainly can—without the slightest effect on my lifestyle,” O’Farrell said. “I support a wealth tax at my wealth level also.”
Introduced by the Service Employees International Union-United Healthcare Workers West, Prop 40 would impose a one-time 5% levy on people worth $1 billion or more, with an option to pay the tax in annual installments of 1% over five years.
The proposal would require the state to spend 90% of revenue from the tax on healthcare and the rest on food assistance and public education. Proponents say the tax would raise roughly $100 billion in revenue. Critics argue that it could drive wealthy residents and investment from California and stall economic growth.
“I find the knee-jerk opposition of some ultra-wealthy people to the idea of paying any new tax deeply disappointing,” O’Farrell said in his thread. “To be honest, I can’t understand it. They have so much money they couldn’t spend it in multiple lifetimes.”
Inequality.org, a project of the Institute for Policy Studies—a Washington, DC-based progressive think tank—exposed 22 California billionaires who have poured more than $150 million into defeating Prop 40, “with more rolling in every day,” as Chuck Collins wrote for the group.
“These 22 include a prince, several private jet-flying chums of Jeffrey Epstein, and a bunch of crypto and tech bros designing the [artificial intelligence] future for the rest of us,” Collins noted. “On January 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By September 1, 2026, their wealth had grown to $722.1 billion. In a little under 20 months, their combined wealth increased $282.6 billion, a gain of over 64%.”
O’Farrell’s social media thread pointed out how “our tax system favors wealthy people.”
“I believe it’s a patriotic duty to pay taxes, and I do so with pride,” he wrote, adding, “the least we can do is pay up rather than try to avoid it.”
“Paying taxes is ultimately a matter of self-interest,” he contended. “What kind of society do we want to live in? One that rewards achievement but also emphasizes fairness and opportunity for all—or one in which you have to cower in a bunker and live in fear of the pitchforks?”
“One enables the pursuit of happiness for all,” he concluded. “The other, just the pursuit of endless wealth.”
Prop 40 is backed by numerous progressive groups including the Teamsters union, California Democratic Socialists of America (DSA), and Our Revolution, as well as individual progressives such as Sen. Bernie Sanders (I-Vt.), Rep. Ro Khanna (D-Calif.), and Democratic congressional candidate Connie Chan, who is running to replace retiring longtime San Francisco congresswoman Nancy Pelosi.
Sanders, Khanna, and others—including Congresswoman Aisha Wahab (D-Calif.), Democratic congressional candidate Randy Villegas, and California insurance commissioner candidate Jane Kim—are set to speak at a series of rallies for Prop 40 starting Saturday in San Francisco.
O’Farrell isn’t the only wealthy Californian who supports Prop 40. Nvidia CEO Jensen Huang, whose fortune has soared into the hundreds of billions of dollars, has said he is “perfectly fine” with the proposed tax, telling Bloomberg that he and his family “chose to live in Silicon Valley” and that whatever taxes California applies, “so be it.”
“I believe it’s a patriotic duty to pay taxes, and I do so with pride. Our tax system favors wealthy people, and the least we can do is pay up rather than try to avoid it.”

An attendee holds a sign before the start of a rally led by US Senator Bernie Sanders (I-Vt.) during the campaign kickoff for the California Billionaire Tax Act at the Wiltern in Los Angeles on February 18, 2026.
(Photo by Patrick T. Fallon/AFP via Getty Images)
Brett Wilkins
Oct 01, 2026
COMMON DREAMS
As some of California’s richest residents pour tens of millions of dollars into defeating a proposed billionaire tax, one former venture capitalist is making a remarkably different argument: He is perfectly happy to pay it—and he’s not alone.
John O’Farrell, a former partner at Andreessen Horowitz, explained Wednesday in a 12-post thread on the social media platform X why he supports the California Billionaire Tax Act, commonly known as Proposition 40, which is on the state’s November midterm ballot.
O’Farrell’s argument contradicts the chorus of Silicon Valley billionaires and their allies who warn that taxing billionaire wealth would drive the ultra-rich out of California.
“I know where I want to live,” he wrote.
“I’ve been fortunate to benefit from tech wealth. I’m not even close to being a billionaire, but I could easily afford to pay the wealth tax—and any billionaire certainly can—without the slightest effect on my lifestyle,” O’Farrell said. “I support a wealth tax at my wealth level also.”
Introduced by the Service Employees International Union-United Healthcare Workers West, Prop 40 would impose a one-time 5% levy on people worth $1 billion or more, with an option to pay the tax in annual installments of 1% over five years.
The proposal would require the state to spend 90% of revenue from the tax on healthcare and the rest on food assistance and public education. Proponents say the tax would raise roughly $100 billion in revenue. Critics argue that it could drive wealthy residents and investment from California and stall economic growth.
“I find the knee-jerk opposition of some ultra-wealthy people to the idea of paying any new tax deeply disappointing,” O’Farrell said in his thread. “To be honest, I can’t understand it. They have so much money they couldn’t spend it in multiple lifetimes.”
Inequality.org, a project of the Institute for Policy Studies—a Washington, DC-based progressive think tank—exposed 22 California billionaires who have poured more than $150 million into defeating Prop 40, “with more rolling in every day,” as Chuck Collins wrote for the group.
“These 22 include a prince, several private jet-flying chums of Jeffrey Epstein, and a bunch of crypto and tech bros designing the [artificial intelligence] future for the rest of us,” Collins noted. “On January 1, 2025, these 22 billionaires had a combined wealth of $439.8 billion. By September 1, 2026, their wealth had grown to $722.1 billion. In a little under 20 months, their combined wealth increased $282.6 billion, a gain of over 64%.”
O’Farrell’s social media thread pointed out how “our tax system favors wealthy people.”
“I believe it’s a patriotic duty to pay taxes, and I do so with pride,” he wrote, adding, “the least we can do is pay up rather than try to avoid it.”
“Paying taxes is ultimately a matter of self-interest,” he contended. “What kind of society do we want to live in? One that rewards achievement but also emphasizes fairness and opportunity for all—or one in which you have to cower in a bunker and live in fear of the pitchforks?”
“One enables the pursuit of happiness for all,” he concluded. “The other, just the pursuit of endless wealth.”
Prop 40 is backed by numerous progressive groups including the Teamsters union, California Democratic Socialists of America (DSA), and Our Revolution, as well as individual progressives such as Sen. Bernie Sanders (I-Vt.), Rep. Ro Khanna (D-Calif.), and Democratic congressional candidate Connie Chan, who is running to replace retiring longtime San Francisco congresswoman Nancy Pelosi.
Sanders, Khanna, and others—including Congresswoman Aisha Wahab (D-Calif.), Democratic congressional candidate Randy Villegas, and California insurance commissioner candidate Jane Kim—are set to speak at a series of rallies for Prop 40 starting Saturday in San Francisco.
O’Farrell isn’t the only wealthy Californian who supports Prop 40. Nvidia CEO Jensen Huang, whose fortune has soared into the hundreds of billions of dollars, has said he is “perfectly fine” with the proposed tax, telling Bloomberg that he and his family “chose to live in Silicon Valley” and that whatever taxes California applies, “so be it.”














