Bernie Sanders rallies in Los Angeles supporting California wealth tax proposal

Bernie Sanders headlined a rally in downtown Los Angeles on Monday evening to support Proposition 40, a November ballot measure in California. This appearance followed a rally held in San Francisco. Proposition 40 proposes a one-time tax of up to 5% on certain taxpayers with assets valued over $1 billion who were California residents on January 1, 2026. Ninety percent of the revenue generated by the tax would be allocated to health care services.

Proposition 40 would temporarily raise tens of billions of dollars over several years, according to the Legislative Analyst's Office. While the measure could result in an ongoing decrease of less than $1 billion annually in state income tax revenue collected from billionaires, supporters contend the tax would help offset reductions in state services.