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The question before us in California is not complicated. Are we going to stand with the three million people—our friends and neighbors—about to lose their health care, or with the billionaire class that would rather we looked away?
There are more billionaires in my district and the surrounding area than almost any other Member of Congress. Within fifty miles of my district sits nearly a third of the entire American stock market—over $20 trillion in value—and five companies worth more than a trillion dollars each. For years, I have fought for fairness in our tax policy. If America has been good to you, you must do good for America.
There are 938 billionaires in America. Together they are worth $8.2 trillion. The bill I wrote with Bernie Sanders asks them for 5 percent every year.
This is a simple tax on wealth. Every year, this tax evaluates the total value of a billionaire’s holdings, their stock, their companies, their real estate, and taxes 5 percent of it. Not their income, which they have arranged to be almost nothing. The wealth itself. The same way a family pays property tax on a house whether or not they sell it. We conduct this assessment on individual’s estates already when they die.
This billionaire wealth tax will raise $4.4 trillion over a decade. This is enough to establish a $60,000 salary floor for every public school teacher in America, cap child care at 7 percent of a family’s income, and restore the $1 trillion stripped from Medicaid and the ACA, with a $3,000 check left over for every household under $150,000.
California legislators have proposed a state tax to target similar excessive wealth. A proposition on the November ballot would levy a one-time 5 percent tax on the wealth of the state’s 250 billionaires. Accrued over 5 years, it would raise $100 billion to save health care for 3 million Californians. I am backing it.
Opposing these landmark taxes, Governor Newsom has suggested a “minimum income tax”. The focus of this tax is billionaires’ reported income, as well as the loans they take out to live on. An income tax, not a wealth tax. That is the problem. Newsom goes after that income, but billionaires have very little. Most take no salary at all. They borrow against their stock, live on the loans, and pass the fortune to their children without ever selling a share. The wealth underneath goes untouched.
Bernie and I tax the wealth itself, and our bill raises $4.4 trillion. Newsom’s tax on these borrowed assets only raises 1/44th of that. That’s why the tech oligarchs support Newsom’s proposal. They hope they can trick folks into making the issue go away.
Same billionaires, forty-four times the revenue from Bernie and I’s proposal compared to Newsom’s.
Tax what they own, not what they report.
I was criticized for the bill, as well as my support of California’s proposed Billionaire Tax. Many said that the wealth flight from California would devastate our economy. They were wrong. In Q1 of 2026, California received more venture capital investment than the rest of the country combined. Then the billionaires spent millions propping up my primary challenger. He received 6 percent of the vote.
And the tax should not stop at billionaires, it must reach centimillionaires. The tax has to reach all fortunes $50 million and up, and one already does. Every year it has been introduced, I have cosponsored the Ultra-Millionaire Tax Act. It starts at $50 million: 2 percent a year on wealth above that line, And it reaches the money inside irrevocable trusts, taxed to the grantor who set them up. Moving a fortune into a trust should not take it off the books from a wealth tax.
Supporters are right to call the fight in California the reverse Proposition 13 of our generation. In 1978, California voted for Prop 13 to cap property taxes, and that anti-tax revolt carried Ronald Reagan to the presidency two years later. This is that revolt in reverse: instead of capping taxes on property, we are taxing the extreme wealth at the top. This is a philosophical fight, and California is the test case for the nation.
So the question is not complicated. Are we going to stand with the three million Californians about to lose their health care, or with the billionaire class that would rather we looked away? Are we the party of working people, or just the party of the donor class? Are we going to return to the party of FDR, or keep telling ourselves we need to do what the donors want?
Are we willing to tax extreme wealth, or only willing to talk about it?
I know my answer. We cannot have a nation where 938 people grow $1.5 trillion richer in a year while a teacher in my district takes a second job to cover rent.
"Effective populist messaging requires calling out the actors actually making life worse for Americans, and right now, that includes Big Tech and the billionaires behind it," said the head of Data for Progress.
After finding last fall that a majority of voters believe life in the United States is getting worse, and many are "extremely worried" about issues including cost of living, division, authoritarianism, wealth inequality, and the climate crisis, the polling firm Data for Progress decided to have Americans name the "bad actors" most responsible for the country's concerning conditions.
In a pair of surveys conducted last month, Data for Progress asked more than 2,000 Americans to rate the impact of various groups or industries on the US economy—"things like jobs, prices, and economic growth"—as well as American society, or "things like feelings of community, well-being, and social trust."
The top villains, according to respondents, are the nation's nearly 1,000 billionaires, then corporate landlords. Rounding out the top 10 were sports gambling marketplaces, artificial intelligence companies, cryptocurrency firms, payday lenders, the Republican Party, social media giants, the Democratic Party, and for-profit universities.

Respondents were asked to rank each group or industry on a seven-point scale from "extremely negative" to "extremely positive."
Those with the most positive views were small businesses, libraries, regional banks and credit unions, charitable organizations, hospitals, churches, public K-12 schools, online shopping platforms, large grocery companies, big box retailers, and urgent care clinics.
"Within categories, we see some meaningful differences between individual actors—mom-and-pop landlords, small regional banks, public K-12 schools, and renewable energy companies are viewed more positively than their counterparts: corporate landlords, multinational banks, charter K-12 schools, and oil and gas companies," the progressive polling firm noted.
With the November midterm elections just four months away, and Democrats trying to seize control of both chambers of Congress as progressives within the party notch key wins over more moderate candidates, Data for Progress executive director Ryan O'Donnell said that "effective populist messaging requires calling out the actors actually making life worse for Americans, and right now, that includes Big Tech and the billionaires behind it."
"As AI continues to impact people's lives directly—whether it's a data center in their backyard or a job replaced by automation—AI companies and tech billionaires are setting themselves up to be the next big villains in American politics," he added.
Earlier this week, as the US Supreme Court's right-wing supermajority "gave their blessing for billionaires to buy even more influence over the politicians who represent us," the watchdog Public Citizen released a report about soaring corporate political spending since the 2010 Citizens United v. Federal Election Commission ruling, including $517 million in this cycle so far.
Some of the top villains from Thursday's polling were key contributors to that figure: "Cryptocurrency, artificial intelligence, Big Tech, and online betting corporations have collectively spent $294 million to influence federal elections in the 2026 midterm cycle."
Blasting the corporate spending as "a disaster for democracy," the report's author, Rick Claypool, said that "if the current, broken campaign finance system remains unchallenged—and corporate spending is allowed to drown out the voices of real voters and real people—these corporate campaigns will keep multiplying, even as voting rights for individual Americans face escalating attacks."
That report and the Data for Progress polling were notably published as more than 250 million people across the United States faced high temperatures tied to the fossil fuel-driven climate emergency—and, as Common Dreams reported earlier Thursday, residents of communities with data centers are being asked to make sacrifices due to strained power grids.
Americans are also awaiting the fate of the bipartisan 21st Century ROAD to Housing Act—which includes a ban on corporate investors buying single-family homes to rent out—because Republican President Donald Trump has refused to sign it in an effort to bully GOP lawmakers into passing a legislative attack on voting rights.
In a comment that multiple congressional Democrats said shows Trump "does not care" about Americans' cost of living concerns, Trump on Monday called the affordable housing bill a "big yawn" compared with the Safeguard American Voter Eligibility, or SAVE America, Act that he wants Congress to send to his desk.
“In November, California voters will at last have a chance to make billionaires pay their fair share," said the coalition behind the proposal.
It's official: The proposed California Billionaire Tax Act, which last week was certified for November's election, has a ballot designation—Proposition 40.
"The people of California now have the opportunity to decide what kind of future they want,” Service Employees International Union-United Healthcare Workers West (SEIU-UHW) vice president Debru Carthan said on Thursday.
“Proposition 40 asks a simple question: At a time when hospitals are reducing services, working families are being squeezed, and essential services are under attack, should a few hundred billionaires contribute their fair share to protect the state that helped make their extraordinary wealth possible?" Carthan asked. "We believe Californians will answer with a resounding yes."
Drafted by SEIU-UHW, Prop 40 would impose a one-time 5% levy on people worth $1 billion or more, to be paid in annual installments of 1% over five years.
It’s official! The billionaire tax will be on the ballot as Prop 40. This November, Vote YES on Prop 40 to ensure billionaires pay their fair share to keep hospitals and ERs open. #BillionaireTaxNow
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— Billionaire Tax Now (@billionairetaxnow.bsky.social) June 30, 2026 at 1:31 PM
The bil would require the state to spend 90% of revenue from the tax on healthcare and the rest on food assistance and public education. Proponents say the tax would raise roughly $100 billion in revenue. Critics argue that it could drive wealthy residents and investment from California and stall economic growth.
Prop 40 supporters include the Teamsters union and progressive groups like the California Democratic Socialists of America (DSA) and Our Revolution, as well as individual progressives like Sen. Bernie Sanders (I-Vt.), Rep. Ro Khanna (D-Calif.), and Democratic congressional candidate Connie Chan, who is running to replace retiring longtime San Francisco Congresswoman Nancy Pelosi.
The measure is opposed by Republicans, business groups, the Democratic Party, and even some progressives, including Chan's opponent, state Sen. Scott Wiener (D-11).
Prop 40's most prominent Democratic opponent is California Gov. Gavin Newsom, whom critics accuse of trying to bamboozle voters with his recently unveiled plan for a national billionaire income tax. Some observers skeptical of the presumed 2028 presidential hopeful contend that his support for an income tax is rooted in knowledge that very rich people actually have relatively little income when compared with their investments and other assets.
Some progressive groups opposing Prop 40—including the California Teachers Association (CTA) and Planned Parenthood Affiliates of California—point out that it is a one-off tax on wealth, not income. CTA is backing a separate ballot measure, the Children’s Education and Health Care Protection Act, which would permanently extend Proposition 55, California’s existing high-income-earner tax, which is set to expire in 2030.
In response to Thursday's ballot designation, Billionaire Tax Now said in a statement that "the measure qualified for the ballot after supporters submitted more than 1.6 million signatures from Californians across the state—nearly twice the number required to qualify—making it one of the strongest citizen-led ballot qualification efforts in California history."
"Voters consistently support the billionaire tax by large, double-digit margins," the coalition continued. "For healthcare workers who have dedicated their lives to caring for patients, today’s news isn’t just welcome, it’s critical. With no other viable alternatives proposed by Gov. Newsom, the billionaire tax is the only available option to stop a cascade of hospital and clinic closures spurred by massive federal cuts in HR 1, known as President [Donald] Trump’s so-called 'Big, Beautiful Bill.'"
"In November," Billionaire Tax Now added, "California voters will at last have a chance to make billionaires pay their fair share to help prevent widespread hospital closures, through a commonsense ballot initiative that places a one-time 5% tax on the wealth of approximately 200 billionaires who reside in the Golden State."