Senator Bernie Sanders has strongly criticized wealthy individuals in California, arguing that their financial efforts are undermining support for Proposition 40, a proposed wealth tax. Sanders expressed dismay that billionaires are prioritizing their vast fortunes over the healthcare needs of children.
"They are doing phenomenally well and really [it] is quite disgusting, to my mind, that they think it’s more important that they hang on to their $200 billion rather than make sure the kids of California have health care," Sanders stated in an interview with KCRA's Ashley Zavala. He pointed to a poll indicating that billionaires in the state have accumulated an additional $500 billion in wealth over the past year.
The proposed Proposition 40, which aims to implement a one-time 5% wealth tax on billionaires primarily to fund healthcare, is currently facing opposition. A poll conducted by McLaughlin & Associates showed that 52.6% of California voters are against the measure, while 34.5% support it, and 11.5% remain undecided.
Sanders framed the opposition as a manifestation of growing income and wealth inequality in the United States. Pollster John McLaughlin suggested that voter distrust in state politicians regarding taxation is a significant factor contributing to the measure's struggles.
Among the prominent figures opposing Proposition 40 is Sergey Brin, co-founder of Google, who has reportedly spent over $100 million to campaign against the tax. This measure could potentially cost him an estimated $13.3 billion. Brin recently contributed an additional $20 million to an organization actively campaigning against the proposition. Former Google CEO Eric Schmidt and cryptocurrency magnate Chris Larsen have also made substantial financial contributions to oppose the tax.