Sen. Bernie Sanders (I-Vt.) is using California’s brewing fight over a proposed wealth tax to again take aim at America’s richest, accusing billionaires of spending millions to kill a ballot measure instead of “paying their fair share.”
Sanders Slams Billionaire Spending On Anti-Tax Ads
In an X post on Wednesday, the Vermont independent said the “billionaire class is on the warpath against working families,” blasting a wave of ads opposing a 5% tax on fortunes over $50 million. “Instead of spending tens of millions on ads against a wealth tax, we have a better idea: Start paying your fair share of taxes,” he wrote.
Sanders’ post came with infographics attached, calling out tech and finance titans including Larry Page, Sergey Brin, Mark Zuckerberg, Elon Musk, Larry Ellison, Eric Schmidt, Peter Thiel and hedge fund manager Bill Ackman. The graphics paired their reported fortunes, from Ackman’s $9.2 billion to Musk’s $847 billion, with eye-popping splurges on $300–450 million super-yachts, Miami and London mansions, flying cars and even a private Texas city.
Sanders is in Los Angeles this week to headline a campaign for the Billionaire Tax Act, a proposed November 2026 ballot measure that would impose a one-time 5% levy on roughly 200 California billionaires. Backers, led by SEIU-United Healthcare Workers West, say the plan could raise about $100 billion to shore up the state’s healthcare system and prevent hospital closures amid deep federal Medicaid cuts.
Newsom, Tech Titans Lead Charge Against Measure
The campaign has exposed sharp Democratic divisions. Gov. Gavin Newsom (D-Calif.) has come out against the tax, warning it could accelerate capital flight, widen a projected multibillion-dollar budget gap and undercut his state as he weighs a potential 2028 presidential bid.
Opposition has been fueled by some of the state’s richest residents. Google co-founder Sergey Brin has given $20 million to a new group called Building a Better California, which has raised at least $35 million from tech and agribusiness leaders to oppose the 5% levy and other measures, according to campaign filings. A Business Insider report from earlier this month also shows billionaires have shifted assets and even residency out of California as the tax fight heats up.
Wealth Surge And Tax Burden Data Collide
Sanders argues those warnings miss the larger story. A recent analysis by Americans for Tax Fairness, based on Forbes data, found that US billionaire wealth jumped 22% in 2025, a $1.5 trillion gain to about $8.2 trillion. At the same time, IRS data shows that the top 1% of earners pay roughly 40% of federal income taxes, a statistic often cited by opponents who say the rich are already heavily taxed.
The clash builds on years of national debate over taxing extreme wealth, including Sanders’ earlier proposals for federal wealth taxes and his repeated criticism of Trump’s larger tax changes that independent analyses say overwhelmingly benefit high-income households.
Photo Courtesy: Sheila Fitzgerald on Shutterstock.com
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