"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. Democratic Gov. Gavin Newsom is among its outspoken opponents, warning that it could leave government finances in crisis and put the state at a competitive disadvantage nationally. Sanders is planning a late afternoon rally near downtown, and in the past he has turned out overflow crowds in the heavily Democratic city."
"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. Sanders wrote on the social platform X that he strongly supports the tax "at a time of unprecedented and growing wealth and income inequality.""
A proposed one-time 5% tax on the assets of billionaires in California aims to backfill federal funding cuts to health services for lower-income people. The measure would tax stocks, art, businesses, collectibles and intellectual property. Bernie Sanders supports the proposal and is campaigning in Los Angeles, drawing on his popularity and history of criticizing wealth inequality. Gov. Gavin Newsom opposes the proposal, warning it could create fiscal crises and damage state competitiveness, while Silicon Valley executives threaten to leave the state. The proposal is driven by a large health care union and is intensifying divisions within the Democratic Party ahead of midterm elections.
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