Addressing a gathering in San Francisco, United States Senator Bernie Sanders campaigned in support of Proposition 40, the California Billionaire Tax Act. Sanders highlighted the extreme concentration of wealth in the country, noting that the top one percent owns more wealth than the bottom 93 percent of Americans, while millions live paycheck to paycheck. He criticised billionaires, including Elon Musk, Sergey Brin, and Larry Page, accusing the ultra-wealthy of exerting outsized influence over the political system through campaign spending.
Sanders asserted that Proposition 40 would levy a tax exclusively on individuals with a net worth exceeding one billion dollars, generating an estimated 100 billion dollars to protect healthcare access for three million Californians. Rejecting claims by opponents that the tax would drive commerce away, he warned against corporate threats to abandon the state. Sanders also announced plans alongside Representative Ro Khanna to pursue a nationwide five percent annual wealth tax on billionaires, declaring: ‘We will enact a national wealth tax on billionaires.’
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