Bernie Sanders rallies for first-ever billionaire tax ahead of midterms

If a billionaire tax passes in California, it would be the first of its kind in the world, which advocates hope will give momentum for similar measures elsewhere.

On Saturday, one month ahead of the midterms, Senator Bernie Sanders of Vermont and other progressives held a rally in San Francisco to advocate for Proposition 40, a measure that would impose a 5% wealth tax on billionaires, who account for a fraction of a percentage of the population, but who hold an estimated 45% of the state’s household wealth. The tax would go toward the healthcare of residents.

Opponents of Proposition 40 say that the measure risks pushing businesses and jobs out of the state.

“I say to California billionaires and billionaires all over this country: Show a little concern for your fellow Americans. You and your class have never ever had it so good, but you cannot have it all,” Sanders said to a cheering crowd.

“Instead of spending over $225 million on TV ads, we have a better idea. Start paying your fair share of taxes,” he said.

“Once California passes Proposition 40, trust me that will not be the end. We’ll enact a national wealth tax,” Sanders added. He likened the fight for a billionaire tax to the right for democracy, saying there can be democracy or extreme wealth inequality -- but not both.

The 85-year-old senator was met by a standing ovation and roaring applause as he took the stage at the Curran Theatre, an intricately designed French revivalist structure near the city’s downtown.

He was introduced by Representative Ro Khanna, whose district makes up a large swath of Silicon Valley (home to a high proportion of the state’s billionaires), and who is rumoured to be considering a 2028 presidential bid.

“We’re here to do something very important. It’s the first time in the history of the world that there is a billionaire tax on the ballot,” he told a cheering crowd. “The whole world, the whole nation, is watching. And you know what they’re asking us? They’re asking us: Will the Democratic Party stand with the donor class or are they gonna stand with the working class?”

He described Proposition 40 as a choice between 250 billionaires or giving poor children healthcare and keeping the jobs of 150,000 healthcare providers. He noted that the billionaires who oppose the tax are spending $200 million to oppose it. He called out politicians who oppose the tax. He also challenged his colleagues to call Israel's actions in Gaza a genocide.

Another headline speaker was Jane Kim, who is running for the state’s Insurance Commissioner, a position she describes as the most important job you’ve never heard of.

In her speech, she vowed to lower monthly premiums and develop a system in which insurance is used for protection rather than profit.

Audience members, many of whom were healthcare workers, held signs reading “Yes on 40, No-41-42, Save Lives, Tax Billionaires” and raised them in the air after speakers made rousing statements.

“We’re trying to hold the billionaires accountable. They have made millions off of regular people for years. This one-time five percent emergency tax will not even put a dent in what they are making,” Savonnda Blaylock, a healthcare worker, told The New Arab prior to the rally.

“They are still making trillions of dollars. Some of them are becoming trillionaires, whereas regular people can’t even afford basic needs like gas and food. We’re here to make sure voters know, that communities know, that we’re going to fight this to the very last day – November 3rd,” she said.

“I’m excited about all of us seeing Bernie, because he brings hope. His vision and the hope he brings is what we need right now to be able to bring this home,” she said.

Saturday’s rally was part of a multi-day tour across California by progressives to encourage voter turnout and advocate for Proposition 40.