Liberal Sen. Bernie Sanders to kick off California billionaires' tax campaign

"Sen. Bernie Sanders will formally launch a campaign next week to place a one-time 5% tax on the assets of California's billionaires. Supporters argue it's essential to prevent millions of the state's most vulnerable residents from losing access to healthcare because of federal funding cut; opponents warn it will drive wealthy entrepreneurs to flee the state and stifle innovation. Gov. Gavin Newsom, despite Sanders' popularity in California, joins opponents warning the tax would damage the state's competitive edge."

""This initiative would provide the necessary funding to prevent over 3 million working-class Californians from losing the healthcare they currently have - and would help prevent the closures of California hospitals and emergency rooms," he said. "It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care. Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.""

Sen. Bernie Sanders will seek to place a one-time 5% tax on the assets of California billionaires on the November ballot. The proposal is intended to backfill federal healthcare funding cuts and secure funding to prevent over three million working-class Californians from losing current healthcare coverage and to avert hospital and emergency room closures. Supporters argue billionaires should pay slightly more to preserve community access to medical care. Opponents, including Gov. Gavin Newsom, warn the tax could drive wealthy entrepreneurs out of the state and harm California's competitive innovation edge. Sanders plans a Feb. 18 kickoff in Los Angeles and retains a strong California voter base from past primaries.

Read at Los Angeles Times