Bernie Sanders Proposes 5% Billionaire Wealth Tax in 154-Page Bill

3 articles · Updated · The Daily Economy · Jun 24

Bernie Sanders unveiled a 154-page “Make Billionaires Pay Their Fair Share Act” that would impose a 5% annual tax on billionaires’ net assets.
The proposal is framed as a response to wealth inequality, arguing that the ultra-rich should contribute more through a direct levy on accumulated wealth rather than income alone.
The report ties the push to rising scrutiny of extreme fortunes, including speculation that Elon Musk could become the world’s first trillionaire if SpaceX lists near a $1.75 trillion valuation.
It also contrasts Sanders’ approach with current tax data: the top 1% paid 38.4% of federal individual income taxes in 2025, up from 33.2% in 2001, while the bottom 50% paid 3.3% for tax year 2023.

Sources

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Make Billionaires Pay? The 2026 Wealth Tax Proposals and Their $4.4 Trillion Impact on U.S. Policy

Overview

As of June 2026, both federal and state governments are pushing major legislative efforts to address wealth inequality by taxing extreme wealth. A key federal proposal, the 'Make Billionaires Pay Their Fair Share Act' from Senator Bernie Sanders and Representative Ro Khanna, would impose a 5% annual wealth tax on net assets over $1 billion. Supporters believe this could raise $4.4 trillion over ten years, with funds targeted to support working families and seniors. The bill includes direct payments to lower- and middle-income households, aiming to reduce inequality and strengthen social programs across the country.

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