Bernie Sanders Campaigns for California’s Proposition 40 Wealth Tax

Sen. Bernie Sanders (I-VT) is headlining a series of “Ballots Over Billionaires” rallies in California as the Proposition 40 campaign enters its final weeks. The senator will appear in San Francisco with Rep. Ro Khanna (D-CA) and progressive candidate Aisha Wahab (D-CA), then travel to Los Angeles, Livermore, and Bakersfield, where he will share the stage with Democratic nominee Randy Villegas. The events are organized by SEIU United Healthcare Workers West, the group that introduced the initiative.

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Proposition 40 proposes a one-time 5 % tax on the wealth of California’s billionaires. If approved on the November 3 ballot, the tax would target more than 200 billionaires whose combined net worth is estimated at $2.2 trillion. Proponents argue the revenue would fund health-care and education programs that have faced cuts under the Trump administration and a Republican-controlled Congress. The measure has become the most contested item on the state’s midterm ballot, drawing sharp divisions among California progressives, the state’s Democratic leadership, and billionaire interests.

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• Targeted wealth: >200 billionaires, $2.2 trillion total (attributed to Senator Sanders).

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• Opposition spending: Billionaires are contributing roughly $229 million (about 0.01 % of their wealth) to defeat the tax (Sanders).

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• Polling: The Public Policy Institute of California reports a narrow lead for Prop 40, 52 % – 46 % in favor.

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Sen. Sanders frames the vote as a test of fairness, saying the tax would prevent three million working-class Californians from losing their current health coverage.

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Opposition comes from multiple quarters. Outgoing Governor Gavin Newsom, who is expected to pursue a presidential bid, has signaled disapproval, as have his likely successors—former U.S. Secretary of Health and Human Services Xavier Becerra and Republican commentator Steve Hilton. Billionaire-backed group Building a Better California, funded in part by Google co-founder Sergey Brin, has poured “millions of dollars” into the anti-Prop 40 campaign.

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• “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,” — Sen. Bernie Sanders, regional political director

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• “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,” — Sen. Bernie Sanders, regional political director

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• “Let's be clear: These billionaires have more money than they could spend in over 100 lifetimes,” — Sen. Bernie Sanders, regional political director

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