Bernie Sanders Rallies for California ‘Billionaire Tax,’ Breaks with Gavin Newsom

Sen. Bernie Sanders threw his weight behind California’s proposed “Billionaire Tax” ballot initiative during a rally in Los Angeles on Wednesday, separating himself from Gov. Gavin Newsom, who has voiced opposition to the plan, as reported by The New York Post.

The independent senator from Vermont spoke before a crowd of about 1,500 people at The Wiltern, an Art Deco theater in Los Angeles, urging support for the “California Billionaire Tax Act,” a 2026 ballot initiative projected to raise an estimated $100 billion over five years. Supporters say the revenue would help offset anticipated federal healthcare cuts.

“Starting right here in California, these billionaires are going to learn we are still living in a democratic society where the people have the power,” Sanders told the crowd.

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“Never before in American history have we seen the kind of greed, arrogance, and moral turpitude.”

Great turn out in LA! Together we are telling the billionaire class: it is time to pay your fair share.

Thanks to the union members working to get the 5% wealth tax on the ballot. The billionaires think they have all the power, but we know the people will never be defeated. pic.twitter.com/4m8ojHBInW

— Bernie Sanders (@BernieSanders) February 19, 2026

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The event marked the launch of a union-backed campaign centered on the theme “Make billionaires pay their share.” Sanders told attendees it was time for “our country to finally confront a grotesque level of income and wealth inequality.”

“We are looking at a moment in history where never before have so few people had so much wealth and so much power,” he said.

The auditorium was filled with yellow and blue signs reading “Support Public Education,” “Food Security Is Healthcare,” and “Billionaire Tax Now: Vote Yes 11/3/26.”

Healthcare workers in white coats were visible throughout the crowd, alongside attendees wearing white T-shirts emblazoned with a blue California map and the slogan “Tax the Billionaires.”

The proposal would impose a one-time 5% tax on billionaires. Sanders described the measure as an “emergency” step to support health care workers in the state.

Gov. Newsom has opposed the tax, warning that while it could generate a short-term surge in revenue, it could also result in long-term losses if high-net-worth residents choose to leave California.

During his remarks, Sanders singled out several prominent business leaders, including Google co-founder Sergey Brin and Meta CEO Mark Zuckerberg.

He also referenced Elon Musk’s companies SpaceX and Tesla, arguing that they have not paid a fair share in taxes.

Sanders’ push for higher taxes on billionaires comes as federal records show he incurred more than $550,000 in private jet expenses in 2025 during his “Fighting Oligarchy” tour with Rep. Alexandria Ocasio-Cortez, according to 2026 Federal Election Commission filings. The travel allowed the pair to attend dozens of rallies nationwide.

The Los Angeles event was headlined by Tom Morello, guitarist and songwriter for Rage Against the Machine, who delivered a pro-union message to attendees.

“My name is Tom Morello, and I am a union man,” Morello said, adding that his mother was a union teacher.

Polling in California indicates that roughly 60% of likely voters support a wealth tax on billionaires. At the same time, a majority of respondents acknowledge that such a tax could prompt businesses or entrepreneurs to relocate outside the state.

The movement of wealthy residents is already taking place. At least six California billionaires — including Google’s Larry Page and Meta’s Zuckerberg — have begun cutting ties with the state.

Oracle co-founder Larry Ellison has acquired properties in Nevada, reflecting a broader trend of high-net-worth individuals leaving California amid concerns over taxes and regulation.

The 2026 ballot initiative now sets the stage for a high-profile debate in California over taxation, revenue, and the potential economic consequences of targeting the state’s wealthiest residents.

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