"Bernie Sanders will be in Los Angeles campaigning Wednesday for the tax proposal that has the Silicon Valley in an uproar, with tech titans are threatening to leave the state. A large health care union is attempting to place a proposal before voters in November that would impose a one-time 5% tax on the assets of billionaires including stocks, art, businesses, collectibles and intellectual property to backfill federal funding cuts to health services for lower-income people that were signed by President Donald Trump last year."
"The Vermont senator, a democratic socialist, is popular in California he won the 2020 Democratic presidential primary in the state in a runaway. He's been railing for decades against what he characterizes as wealthy elites and the growing gap between rich and poor. Sanders wrote on the social platform X that he strongly supports the tax at a time of unprecedented and growing wealth and income inequality. Our nation will not thrive when so few own so much, Sanders wrote."
A California measure would impose a one-time 5% tax on billionaire assets, including stocks, art, businesses, collectibles and intellectual property, to replace federal health funding cuts. Bernie Sanders is campaigning in Los Angeles in support of the measure, citing widening wealth and income inequality. Democratic Gov. Gavin Newsom opposes the tax, warning of potential state fiscal crisis and national competitive harm. Silicon Valley leaders are alarmed and some tech executives threaten to leave the state. The proposal is intensifying intra-party division as voters express unease about economic conditions and distrust of government effectiveness.
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