Logo courtesy of the California Business Roundtable

SACRAMENTO, CA (MPG) - Rob Lapsley, President of the California Business Roundtable, issued the following statement in response to Senator Bernie Sanders coming to California as part of the kick off event for supporters of the proposed wealth tax ballot measure:

“Bernie Sanders flew in from Washington to lecture Californians about how to run our economy — and he’s bringing the same out-of-touch playbook that’s already made our budget dangerously volatile and dependent on a shrinking handful of taxpayers, while driving up the cost of living for all California residents.

“Let’s be clear — this $100 billion tax increase isn’t just a swipe at California’s most successful entrepreneurs; it’s a tax no one can afford because it weakens the entire economic ecosystem that supports jobs, investment, wages, and public services for everyday Californians. Economists and fiscal analysts have repeatedly found that wealth taxes don’t work and, in many cases, have the opposite effect, reducing competitiveness and critically needed economic investments, leading to slower growth and fewer opportunities for workers and small businesses alike.

“According to the Center for Jobs and the Economy, California lost more than $800 billion in capital just in December 2025. That’s as much as left in the last 5 years combined. And here’s the reality: when high earners leave, the cost doesn’t vanish — it lands on everyone through fewer jobs, less investment, and a weaker tax base—a recipe for new and higher taxes for everyone.

“That is why the Roundtable is helping lead the fight to defeat this measure, should it end up on the November ballot. This wealth tax will devastate our innovation economy, destabilize our tax revenue even further, and ultimately be something we all pay through higher taxes, fees, and increased prices on everyday essentials.”