From Fox Business: Progressive lawmakers Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., are targeting the billionaire class with a massive new tax proposal that seeks to seize trillions from the nation’s wealthiest individuals to fund a sweeping government spending spree.
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 claims is necessary to fix a “corrupt tax code” that has seen wealth redistributed from the bottom 90% to the top 1%.
“At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1%,” Sanders said in a press release. “We can no longer tolerate a corrupt tax code that enables billionaires to pay a lower tax rate than the average worker.”
“We have a deep economic divide in this country. On one side, places like Silicon Valley are generating extreme wealth. On the other side, 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 keeping our innovative engine,” Khanna said in the same press release.
The plan unveiled by Sanders and Khanna lists multiple billionaires who they intend to target, and how much they “owe”, including:
- $42 billion – Elon Musk
- $11 billion – Mark Zuckerberg
- $11 billion – Jeff Bezos
They are predicting they can rake in $4.4 trillion over a 10-year period, and plan to re-distribute the funds, giving one-time $3,000 payments for each individual in households earning $150,000 or less. Therefore, a family of four could receive up to $12,000.
They intend to use the funds for other projects as well. According to the press release:
The bill would use revenue from the wealth tax to:
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Provide a $3,000 direct payment to every man, woman and child in a household making $150,000 or less — $12,000 for a family of four
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Reverse the $1.1 trillion in Medicaid and Affordable Care Act cuts in Trump’s so-called “Big Beautiful Bill,” which are estimated to cause more than 50,000 unnecessary deaths
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Expand Medicare to cover dental, vision and hearing for millions of seniors
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Build, rehabilitate and preserve over seven million affordable homes to eliminate the affordable housing gap and end homelessness
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Ensure no family pays more than 7% of their income on childcare
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Establish a $60,000 minimum annual salary for every public school teacher in America
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Expand Medicaid home health care for seniors and people with disabilities
Sanders declared Monday, “Today, while billionaires have never had it so good, 60% live paycheck to paycheck. We can no longer tolerate a rigged system that lets billionaires pay a lower tax rate than average workers. A tax on billionaires will help create an economy that works for all, not the 1%.”
Today, while billionaires have never had it so good, 60% live paycheck to paycheck.
We can no longer tolerate a rigged system that lets billionaires pay a lower tax rate than average workers.
A tax on billionaires will help create an economy that works for all, not the 1%. https://t.co/Xgx6ICedAf
— Bernie Sanders (@BernieSanders) March 2, 2026
In a post on X Tuesday morning, Sanders mocked, “Surprise! The Jeff Bezos-owned Washington Post is against my 5% billionaire wealth tax. I wonder why? If enacted, Bezos would owe $12 billion in taxes, and an average family of 4 would receive a $12,000 direct payment. Poor Jeff would be left with just $224 billion to survive.”
Surprise! The Jeff Bezos-owned Washington Post is against my 5% billionaire wealth tax. I wonder why?
If enacted, Bezos would owe $12 billion in taxes, and an average family of 4 would receive a $12,000 direct payment.
Poor Jeff would be left with just $224 billion to survive. pic.twitter.com/BPjBMfol2h
— Sen. Bernie Sanders (@SenSanders) March 3, 2026
Elon Musk warned, “The Dems will for sure pass this in 2029 if they sweep the Presidency, Senate and House. I’m not surprised at all.”
The Dems will for sure pass this in 2029 if they sweep the Presidency, Senate and House. I’m not surprised at all.
— Elon Musk (@elonmusk) March 2, 2026
Jared Walczak of the Tax Foundation pushed back on the scheme. He wrote:
To accept this revenue estimate as credible, you must believe that a 5% annual wealth tax on billionaires—on their investments and their closely-held businesses—will have no economic ramifications worth mentioning.
Consider a billionaire in NYC. To pay the annual wealth tax, they need to realize gains, resulting in capital gains taxation at the federal, state, and city level. Under a 5% wealth tax, they’d need annual investment returns of ~8.9% just to not lose money on a *nominal* basis.
Consider a billionaire in NYC. To pay the annual wealth tax, they need to realize gains, resulting in capital gains taxation at the federal, state, and city level.
Under a 5% wealth tax, they’d need annual investment returns of ~8.9% just to not lose money on a *nominal* basis.
— Jared Walczak (@JaredWalczak) March 3, 2026
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