SAN FANCISCO (KRON) -- Vermont Senator Bernie Sanders was in San Francisco talking with voters about why he supports Proposition 40 at the "Ballots Over Billionaires" wealth tax rally. Prop 40 will be on the ballot in November. If it passes, billionaires in the state of California would receive a o ne-time wealth tax. “It is not easy taking on the political establishment,” said Sanders. “It is not easy running a campaign where you're going to be greatly outspent, but that is what you are doing and the entire country is proud of what you're doing.” Sanders says he believes Prop 40 is the most important ballot initiative in the country right now. "Never before in American's history have so few people owned so much,” Sanders explained. “Never before have we had this kind of income and wealth inequality that we have today in which the top 1% now owns more wealth than the bottom 93%.” A line of people wrapped around the block to hear Senator Bernie Sanders headline the wealth tax rally at the Curran Theatre. Carlos Mejia was in that line. "Unity, positivity, the working class coming together and standing together against the billionaires,” said Mejia about why he came out to the event.   Before Sanders took to the stage musical legends Mistah F.A.B. and Goapele performed. Then, congressman Ro Khanna spoke about Prop 40. It would impact anyone whose wealth exceed 1 billion dollars as of January 1st, 2026. The tax would be 5 percent of their net worth. "The only reason that some of the elected officials are not for this, is because they don't want to upset the billionaires who fund their campaigns and the question is are we going to stand with the working class or the donor class,” said Khanna. While some democrats are in support of it, Governor Gavin Newsom opposes it. The measure directs most of the money to health care. “Healthcare is the most urgent because Trump took away Medicare and Medicaid from so many people and so you've got poor kids who are going to lose their health insurance,” said Khanna. “You have 3.5 million Americans who are going to lose their health insurance." ...read more read less