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#  Sanders Backs Push for Billionaire Tax in California as Newsom Raises Money to Fight It

January 01 2026

Written by Jake Johnson.

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*“Yes: We need a wealth tax on billionaires,” said US Sen. Bernie Sanders.*

US Sen.Sanders (I-Vt.) said then, "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 and food."

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](https://www.commondreams.org/tag/medicaid) cuts that US President [Donald Trump](https://www.commondreams.org/tag/donald-trump) and congressional [Republicans](https://www.commondreams.org/tag/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](https://www.commondreams.org/tag/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](https://oag.ca.gov/system/files/initiatives/pdfs/Title%20and%20Summary%20%2825-0024A1%29.pdf) the title and summary of the proposed initiative as prominent billionaires—including Peter Thiel and Larry Page—[threatened](https://www.nytimes.com/2025/12/26/technology/california-wealth-tax-page-thiel.html) 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](https://www.commondreams.org/tag/new-york-times) [reported](https://www.nytimes.com/2025/12/26/technology/california-wealth-tax-page-thiel.html) last week that Newsom, “who [has been close](https://www.sfgate.com/politics/article/S-F-mayor-s-friendship-with-Google-s-founders-2501176.php) 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](https://www.commondreams.org/tag/campaign-finance) records,” the Times added.

Other lawmakers from the state are supporting the measure, including [US Rep. Ro Khanna](https://www.commondreams.org/news/khanna-tech-oligarchs) (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.”

*(Jake Johnson is a senior editor and staff writer for Common Dreams where this article was first published.)*

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