The senator is promoting a labor union’s proposal to impose a one-time 5% tax on the assets of California billionaires and trusts to backfill federal healthcare funding cuts by the Trump administration. Sanders previously endorsed the proposal on social media and in public statements, and said he would seek to create a national version of the wealth tax. Inside, attendees heard from labor leaders, healthcare workers and others whose lives are being affected by federal funding cuts to healthcare. Mahan argued that the proposal had already hurt the state’s finances by driving economic investment and tax revenue out of California to tax-friendly environs. Rob Lapsley, president of California Business Round Table, added that if the wealth tax is approved, it would destroy the state’s innovation economy, destabilize tax revenue and ultimately result in all Californians paying higher taxes.

Source: Los Angeles Times February 20, 2026 04:40 UTC