CALIFORNIA BILLIONAIRE TAX CAMPAIGN THANKS U.S. SENATOR BERNIE SANDERS FOR ENDORSEMENT
Sanders backs 5% billionaire wealth tax to keep hospitals and emergency rooms open and to prevent millions from losing coverage
CALIFORNIA — The campaign supporting the California Billionaire Tax Act today thanked U.S. Senator Bernie Sanders for his public endorsement of the initiative, which would apply a one-time 5% emergency wealth tax on approximately 200 California billionaires to protect healthcare, keep hospitals and emergency rooms open, and prevent millions of Californians from losing coverage.
In a statement posted Tuesday, Senator Sanders wrote that he “strongly support[s] the grassroots effort in California to impose a 5% wealth tax on 200 billionaires worth $2 trillion,” adding that the initiative “would provide the necessary funding to prevent over 3 million working class Californians from losing the health care they currently have.” He further described the proposal as “a model that should be emulated throughout the country.”
The California Billionaire Tax Act is a direct response to the federal healthcare cuts included in HR1, a budget reconciliation bill passed by Congress that significantly reduces Medicaid and other federal healthcare funding beginning in 2026. Those cuts are expected to result in billions of dollars in lost funding for California’s healthcare system and force hospitals and emergency rooms to close.
The California Billionaire Tax is projected to generate approximately $100 billion in emergency funding to stabilize healthcare access statewide. Ninety percent of funds would be dedicated to protecting healthcare, with the remaining ten percent supporting food assistance and K-14 public education.
“We are grateful for Senator Sanders’ support and leadership,” said Suzanne Jimenez, Chief of Staff of SEIU-UHW, a leading supporter of the initiative. “At a time of unprecedented wealth inequality and massive federal healthcare cuts under HR1, this initiative ensures that billionaires pay a reasonable one-time tax so working-class Californians do not lose their healthcare and communities do not lose access to emergency care.”
The measure applies only to California residents with a net worth of at least $1 billion as of January 1, 2026. Billionaires would have the option to pay the tax over five years, and the proposal is designed to be enforceable so that those subject to the tax cannot avoid responsibility by shifting assets or claiming residency elsewhere.
Thousands of frontline healthcare workers and allies will begin gathering signatures in January to qualify the measure for the November 2026 ballot.
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About the California Billionaire Tax Act
The California Billionaire Tax Act proposes a one-time emergency tax on the wealth of the state’s ultra-high-net-worth individuals to safeguard Medi-Cal, keep hospitals and emergency rooms open, expand food assistance, and support public education. The initiative is a direct response to federal healthcare cuts under HR1 that threaten healthcare access and economic stability for millions of Californians.
Paid for by Save California Health Care and Public Education, Sponsored by Service Employees International Union – United Healthcare Workers West.
Committee’s Top Funder
Service Employees International Union – United Healthcare Workers West