Bernie Sanders recently delivered a powerful message targeting greedy billionaires in California as the state faces tax battles. In a fiery speech at the Wiltern Theater in Los Angeles, he denounced the greed of magnates, which has led to grotesque economic inequality. He said it was time for ordinary taxpayers to make the ultra-rich pay equally.
Sanders’ reference to the proposed wealth tax was met with chants of “shame,” and voters agreed with his stance. He said the wealth tax would be a referendum on the American oligarchy and added that billionaires were treading on thin ice.
He said, “Do you know what the most significant addiction crisis in America is today? It is the greed of the billionaire class. At a time when the wealth and power of the billionaire class has never been greater, we are here today to send a very clear and profound message to them, and that is: enough is enough.”
“While US billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings,” said Sen. Bernie Sanders. “That’s why I’ll be in LA this week fighting for a wealth tax on billionaires.”https://t.co/ef4XMTxUWz
— M Santucci (@MSantucci6) February 19, 2026
The two-time presidential candidate mocked the billionaire’s belief that they are no longer under democratic governance. He said this prompts them to act as they wish, with little regard for the financial calamity caused by their wealth.
The 84-year-old politician has consistently rallied against the privileged elite. His recent statements also indicated the need to indict the top 1 per cent of the wealthy population. He stated, “These guys literally believe that they have the divine right to rule and are no longer subject to democratic governance. These billionaires are going to learn that we are still living in a democratic society where the people have some power.”
Bernie Sanders also criticized the failure of policies set by Donald Trump. He said the massive tax break given to billionaires by the President has only made them richer. Meanwhile, hardworking people cannot afford basic healthcare.
In his words, “At a time when the very rich are becoming phenomenally richer, when the very rich have been given a massive tax break by Donald Trump, when millions of people in this state are struggling to be able to afford health care, maybe billionaires should start paying their fair share of taxes.”
Moved by the call for a wealth tax on billionaires and the need to protect public finances, organizers collected signatures from attendees. These signatures would be used to put the California Billionaire Tax Act on the November ballot. The union must gather at least 875,000 valid signatures to qualify. If successful, they would still need approval from a majority of California voters.
Blasting billionaires as “oligarchs” whose “greed and arrogance and moral turpitude” threatens American society, Bernie Sanders rallied support in L.A. tonight for a proposed wealth tax roiling politics in Calif. Our piece from inside the Wiltern Theatre: https://t.co/edledwTFaB
— Daniel Miller (@DanielNMiller) February 19, 2026
The California Billionaire Tax Act proposes a one-time 5 per cent tax on an individual’s net worth that exceeds $1 billion for state residents. Through this tax, the act aims to raise about $100 billion from 200 established billionaires.
The money raised would offset federal Medicaid cuts and support education and food assistance for the rest of the Californian population.
Meanwhile, in the wake of tax fears, several billionaires are planning on relocating their assets or themselves out of California. An LA Times report lists some names, including Sergey Brin, Larry Page and Peter Thiel. Brin is allegedly funding a $20 million political effort opposing the wealth tax.
Several crypto industry leaders believe that imposing a tax slab on billionaires could drive both capital and entrepreneurs out of California. It would simply increase the risks of innovation and may cause economic instability.
