Ro Khanna is co-sponsoring a Sanders bill to impose a 5% annual wealth tax on unrealized gains—targeting the very Silicon Valley founders and builders who make up his district. Meanwhile, San Jose Mayor Matt Mahan is emerging as the rare Democrat willing to audit California's $150 billion spending surge before asking for more, and his fee-cutting housing policy already turned a year of zero market-rate construction into 2,000 new homes. The South Bay is ground zero for the tension between the people building California's economy and the politicians who want to tax and spend it into decline.
San Jose's mayor goes on national TV to warn Sacramento that their wealth tax scheme will backfire spectacularly.