Bernie Sanders Joins California Campaign to Tax Billionaires

The proposed tax aims to generate roughly $100 billion to bolster California’s healthcare system, which faces strain following federal Medicaid cuts approved by the Trump administration. Supporters, including frontline healthcare workers like Mayra Castaneda, argue the revenue is essential to prevent hospital closures and maintain access to care. Proponents are currently racing to gather the 875,000 signatures needed to place the issue on the November ballot, a process now bolstered by increased funding for petition circulators and a surge of volunteer training.

Opposition to the measure is intensifying as the election cycle nears. A political action committee named Golden State Promise, backed by figures such as Ripple founder Chris Larsen, has already raised $10 million to defeat the proposal. Governor Gavin Newsom, a potential 2028 presidential contender with deep ties to Silicon Valley, has publicly pledged to block the tax, dismissing the initiative as a threat to the state’s economic standing. While some high-profile billionaires have expressed neutrality toward the tax, the broader political and financial establishment in California is aggressively mobilizing to ensure the measure fails at the ballot box.