Bernie Sanders has promoted a wealth tax. Labor leaders have expressed concerns about the proposed billionaires tax, citing a potential loophole. This loophole could allow state lawmakers to tax certain assets of all individuals, not just the wealthy.

The assets that could be taxed include savings and retirement accounts, as well as home equity. Labor leaders argue that this would have significant implications for many people.

Further details about the proposed tax and the concerns of labor leaders are available from the source, which discusses the potential impact on California's economy.