Sen. Bernie Sanders (I-Vt.) is throwing his support behind California’s proposed billionaire wealth tax, claiming Meta CEO Mark Zuckerberg could be forced to pay roughly $10.5 billion if voters approve the measure this November—and arguing the money could be used to protect healthcare coverage for millions of low-income residents.

The ballot initiative would impose a one-time 5 percent tax on individuals whose net worth exceeds $1 billion, provided they were California residents as of Jan. 1, 2026. Backers of the proposal estimate it could generate approximately $100 billion, which they say would help offset reductions in federal Medicaid and food assistance funding.

Promoting the measure on X, Sanders singled out Zuckerberg as one of its most prominent potential targets.

“If voters in California approve the 5% billionaire wealth tax in November, Mark Zuckerberg would owe $10.5 billion in taxes & healthcare would be saved for 3 million low-income people.”

Sanders then mocked the Meta founder’s remaining fortune.

“Poor Mr. Zuckerberg would only have $200 billion left to feed his family. How will he survive?”

The Vermont senator has long argued that imposing higher taxes on the nation’s wealthiest individuals could finance major government programs while still leaving billionaires with enormous fortunes. Earlier this year, Sanders challenged Amazon founder Jeff Bezos to publicly debate his proposed 5 percent billionaire tax, arguing the revenue could be used to expand Medicare, provide universal childcare, increase starting salaries for teachers, and deliver $12,000 to working families of four—even after Bezos paid the tax.

California’s proposed wealth tax has sparked fierce opposition from both business leaders and elected officials.

Google co-founder Sergey Brin has reportedly contributed $57 million to a campaign opposing the initiative, while Palantir Chairman Peter Thiel has also donated to the effort. Venture capitalist Chamath Palihapitiya has warned that such a tax could eventually be expanded beyond billionaires, and California Gov. Gavin Newsom has cautioned that it could encourage wealthy residents to leave the state.

Shortly after Sanders’ post gained traction, X users added a Community Note pointing out that Zuckerberg reportedly relocated to Florida after California lawmakers began pursuing the billionaire tax proposal. If that timeline is accurate, the note suggested, Zuckerberg may not actually be subject to the tax even if California voters approve it. The Community Note cited reports from IFC Review, Architectural Digest, and Fox Business.

Skeptics of wealth taxes have also questioned whether such measures can generate sustained revenue over time. Earlier this year, podcast host Joe Rogan and financial commentator Caleb Hammer argued that while taxes targeting billionaires might produce a large initial windfall, many wealthy individuals could eventually move themselves or their assets elsewhere, significantly reducing the long-term revenue such policies are expected to generate.

{Matzav.com}