Sen. Bernie Sanders (I-Vt.) said California's proposed 5% billionaire wealth tax could preserve healthcare coverage for 3 million working-class residents, as he accused the state's billionaires of spending heavily to defeat the measure.

In a post on X on Thursday, Sanders said Proposition 40, which California voters will decide on Nov. 3, would impose the tax on more than 200 billionaires in the state who are collectively worth $2.2 trillion.

Sanders' Claims

Sanders said the billionaires became $500 billion richer last year and, because of what he called "a rigged tax code," pay a lower effective tax rate than a plumber or a nurse. He said billionaires are spending $229 million — 0.01% of their wealth — to oppose the initiative, an effort he said is led by Alphabet Inc. (GOOG) (GOOGL) co-founder Sergey Brin, who is spending more than $100 million to defeat it.

Sanders said Brin would owe $13.5 billion more in taxes if the measure passes but would still have $256.5 billion left, and that Brin owns four California mansions worth roughly $103.5 million. He also named Meta Platforms Inc. (META) CEO Mark Zuckerberg, Larry Page, Larry Ellison, Eric Schmidt and Peter Thiel as opponents of the initiative, saying the five Big Tech billionaires are worth a combined $646 billion.

Oligarchy Warning

Sanders called on billionaires to "control your greed" and pay their fair share instead of spending on opposition ads. Citing Supreme Court Justice Louis Brandeis' 1933 statement that democracy and concentrated wealth cannot coexist, Sanders said the remark is "even more accurate today."

Brin's Opposition

Brin has moved to Nevada, donated $57 million to a group opposing new personal-property taxes and backed Republican candidates, while relocating or terminating 15 California LLCs, according to his previously reported actions. Entrepreneur Eric Schiffer, chairman of family office Patriarch, told Fox Business the tax could cause a "giant sucking sound" of business leaders leaving the state.

Revenue Estimates

California's nonpartisan Legislative Analyst's Office has said the tax could reduce state income-tax revenue by less than $1 billion annually if some billionaires leave, while temporarily generating tens of billions of dollars over several years.