Sanders and Newsom become adversaries over push to tax California billionaires

5 days ago

Bernie Sanders supports a California proposal to tax billionaires, while Governor Gavin Newsom opposes it, creating division among Democrats.
The proposed tax is a one-time 5% levy on billionaires' assets to fund health services for lower-income individuals affected by federal funding cuts.
Sanders argues the tax would address income inequality and demonstrate democratic power against the 'billionaire class.'
Newsom and other opponents warn the tax could harm California's economy and government finances.
The debate occurs amid midterm elections, with Democrats hoping to gain House seats, but internal divisions could weaken their position.
The proposal's fate is uncertain, requiring over 870,000 signatures to appear on the November ballot.
The issue has sparked political spending and could influence the 2028 presidential race, with Newsom considering a run.

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