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Progressive lawmakers Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., are targeting the billionaire class with a massive new tax proposal which seeks to seize trillions from the nation’s wealthiest individuals to fund a vast amount of government spending.
Announced Monday, the Make Billionaires Pay Their Fair Share Act targets 938 individuals, including titans like Elon Musk and Jeff Bezos, for an estimated $4.4 trillion over the next decade, a move Sanders says is needed to fix a “corrupt tax code” that has seen wealth redistributed from the bottom 90 percent to the top.
“At a time of unprecedented wealth and income inequality, this legislation requires America’s billionaire class to finally pay their fair share of taxes so we can create an economy that works for all of us, not just the 1 percent,” Sanders said. said in a press release. “We can no longer tolerate a corrupt tax code that allows billionaires to pay a lower tax rate than the average worker.”
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“We have a deep economic divide in this country. On the one hand, places like Silicon Valley are generating extreme wealth. On the other, families are struggling to cover the cost of health care, housing and basic needs. We can tax billionaires a modest amount to make sure everyone has a fair chance while maintaining our innovative engine,” Khanna said in the same press release.
Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., are teaming up to propose a 5 percent annual federal wealth tax on America’s billionaires. (Getty Images)
The core of the proposal is a direct wealth tax of 5% per year on assets, not just income, that exceed $1 billion. Sanders and Khanna project the bill will raise $4.4 trillion in revenue over 10 years.
The measure would direct new tax revenue toward one-time payments of $3,000 for people in households earning $150,000 or less, meaning a family of four could receive up to $12,000.
The legislation cites several high-profile figures to illustrate its reach: Elon Musk would owe $42 billion, Mark Zuckerberg could pay $11 billion and Jeff Bezos would owe about $11 billion.
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The estimated $4.4 trillion in revenue is earmarked for a massive expansion of the federal safety net and public infrastructure, including a more than $1 trillion expansion of Medicare and Medicaid, build affordable housingcapping child care costs and establishing a $60,000 minimum salary for public school teachers.
“To accept this revenue estimate as credible, you have to believe that a 5% annual wealth tax on billionaires, on their investments and their tightly controlled businesses, will have no economic ramifications worth mentioning,” Jared Walczak, a senior fellow at the Tax Foundation, wrote in a post on X.
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Senate Republican Leader John Thune, RSD, did not immediately respond to Fox News Digital’s request for comment.
“Enough is enough,” Sanders continued in his statement. “Billionaires can’t have it all. It’s time to enact a wealth tax on billionaires and use that revenue to address some of the biggest crises facing working families, children, the elderly, the sick and the most vulnerable.”
