Bernie Sanders formally kicks off California wealth tax campaign - Los Angeles Times

Los Angeles Times

by Seema Mehta

February 19, 2026

AI-Generated Deep Dive Summary

Populist Senator Bernie Sanders formally launched his campaign to impose a one-time 5% tax on the assets of California billionaires and trusts, aiming to address federal healthcare funding cuts. Speaking at the historic Wiltern venue in Los Angeles, Sanders framed the proposal as a broader challenge to the billionaire class, which he likened to historical oligarchs who believed they had a divine right to rule. He emphasized that these individuals, who have profited from revolutionary technologies like AI and robotics, are disconnected from society and view themselves as a separate ruling elite. The campaign, supported by labor unions, seeks to gather voter signatures to place the measure on the November ballot. Sanders highlighted the personal struggles of those affected by healthcare cuts, including Lisandro Preza, a union leader with AIDS who lost his medical coverage and faces financial ruin without treatment. The event also featured Rage Against the Machine guitarist Tom Morello, who performed protest songs and underscored the growing divide between the ultra-wealthy and working-class Americans. Sanders tied the issue to broader societal problems, such as income inequality, corporate consolidation, declining worker wages, and job threats from automation and AI. He argued that these issues stem from the greed of the nation’s wealthiest individuals. The campaign not only aims to raise funds for healthcare but also seeks to challenge the notion that the billionaire class is beyond reproach, ultimately testing whether California voters believe in a democratic society where the people hold power. This initiative matters as it highlights the growing divide between the ultra-wealthy and everyday Americans, offering a platform to address economic inequality and corporate dominance. By targeting the billionaire class, Sanders aims to spark a broader conversation about democracy, wealth distribution, and workers’ rights. The campaign’s success could set a precedent for similar efforts nationally, making it a key issue for those interested in progressive policy changes and economic justice.

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Originally published on Los Angeles Times on 2/19/2026