It has created divisions among Democrats and has placed Los Angeles at the center of a broader political fight, with Bernie Sanders set to hold a rally on Wednesday night in support of the wealth tax. “California’s proposed wealth tax is an unprecedented attempt to chase down people who have already left as a result of the state’s poor policies,” Kiley said in a statement Wednesday. “But a wealth tax is something unique because a wealth tax is not merely the taxation of earned income, it is the confiscation of assets.”The fate of Kiley’s proposal is just as uncertain as his future in Congress. “What’s especially threatening about this is that our state’s tax structure is essentially a house of cards,” Kiley said. Brin is donating $20 million to a California political drive to prevent the wealth tax from becoming law, according to a disclosure reviewed by the New York Times.

Source: Los Angeles Times February 19, 2026 00:23 UTC