San Francisco – On Saturday night the Curran Theater filled with hundreds of union workers, activists and local residents who gathered to hear Sen. Bernie Sanders speak in support of Proposition 40, a statewide initiative that would impose a one‑time 5 percent tax on California billionaires. Sanders, the 85‑year‑old democratic socialist from Vermont, was the final speaker of the evening and energized the crowd with a call to challenge the wealthiest Americans and the political establishment.
Proposition 40 and its opponents
Proposition 40 seeks to raise roughly $20 billion by taxing the fortunes of the state’s richest individuals. The money would be earmarked for health‑care programs and other public services. The measure faces stiff opposition from Governor Gavin Newsom, his likely successor Xavier Becerra, San Francisco Mayor Daniel Lurie, the San Francisco Democratic Party and a coalition of business leaders. Critics argue the tax could drive wealthy residents out of the state and hurt the economy.
Funding battle
According to campaign filings, opponents of the measure have spent more than $80 million, more than double the amount raised by supporters. Cryptocurrency billionaire Chris Larsen contributed $5 million to the opposition. Sanders acknowledged the disparity, saying, “It is not easy taking on some of the wealthiest people in the world. It is not easy taking on the political establishment.” He praised the supporters for persisting despite being outspent.
Counter‑measures on the ballot
Two additional propositions, 41 and 42, would nullify Proposition 40 if they pass. The ballot therefore requires a three‑step outcome: Prop. 40 must win, and Props. 41 and 42 must both fail. Rally‑goer and Oakland rapper Mistah F.A.B. reminded the audience of this sequence, chanting, “Yes on Prop. 40, no on 41 and 42.”
Local political voices
Rep. Ro Khanna, who has long championed progressive tax policy, told the crowd that Prop. 40 is “the first time in the history of the world that there is a billionaire tax on the ballot.” He added that the nation is watching California’s experiment. Former San Francisco supervisor Jane Kim, now a candidate for California insurance commissioner, also spoke. Kim, a longtime ally of Sanders, highlighted the measure’s potential to fund health‑care and criticized Democratic leaders for opposing it.
Community impact and next steps
The rally underscored the growing frustration among union workers and grassroots activists who feel ignored by party leadership. Many in the audience wore red shirts and displayed Kim’s campaign signs, signaling the overlap between the insurance‑commissioner race and the billionaire‑tax initiative. The measure will appear on the November ballot, and supporters must now focus on voter outreach, especially in communities that stand to benefit from the proposed health‑care funding.
What’s at stake
Proponents argue that the tax could provide a significant infusion of resources for public health, education and infrastructure, while opponents warn of potential economic fallout. The outcome will likely influence future debates over wealth taxation not only in California but across the nation.
As the rally concluded, Sanders offered his usual optimism, saying, “California, congratulations on what you’re doing, and let’s go forward together.” The event highlighted both the enthusiasm of supporters and the formidable political headwinds the measure faces.
Original reporting: Mission Local — read the source article.
