Bernie Sanders Rallies Support for California Wealth Tax Opposed by Billionaires and Gov. Newsom

Vermont independent Senator Bernie Sanders is rallying support for a proposed wealth tax in California. The ballot measure would see California residents worth $1 billion or more pay a one-time tax of 5% to offset the cost of looming federal cuts to healthcare, while funding public education and food assistance. It would affect roughly 200 billionaires worth more than $2 trillion. On Wednesday, Sanders rallied wealth tax supporters in Los Angeles, arguing the billionaire class no longer sees itself as part of U.S. society.

Sen. Bernie Sanders: “Like the oligarchs of the 18th and 19th centuries, you know, the kings and the queens and the czars, these guys literally believe that they have the divine right to rule and are no longer subject to democratic governance. … Starting right here in California, these billionaires are going to learn that we are still living in a democratic society where the people have some power.”