Latest Breaking News

BumRushDaShow

(169,712 posts) Tue Mar 3, 2026, 04:39 AM Mar 3

Bernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires

Source: The Guardian

Mon 2 Mar 2026 14.27 EST
Last modified on Mon 2 Mar 2026 16.07 EST

Senator Bernie Sanders and Ro Khanna, a representative, on Monday introduced legislation that would impose a 5% annual wealth tax on America’s billionaires.

The proposal, titled the make billionaires pay their fair share act, would apply to individuals in the US with a net worth of $1bn or more, of which Sanders’s office estimates there are 938 people who meet that threshold.

In a news release on Monday, Sanders, the independent senator of Vermont, and Khanna, the Democratic representative of California who has recently gained national attention for his role in pushing the government to release files related to Jeffrey Epstein, said that an analysis by economists at the University of California, Berkeley, estimates that “the legislation would raise $4.4tn over the next decade”.

The lawmakers said that the revenue from the bill would be used to “improve the lives of the American people”. “In its first year, the bill would 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 – and use the estimated $4.4tn in revenue raised over the next decade to address the most pressing crises facing working families,” per the press release.

Read more: https://www.theguardian.com/us-news/2026/mar/02/bernie-sanders-ro-khanna-billionaires-wealth-tax-bill

Link to Sen. Sanders PRESS RELEASE - NEWS: Sanders and Khanna Introduce Legislation to Tax Billionaire Wealth and Invest in Working Families

Link to draft BILL (PDF) - https://www.sanders.senate.gov/wp-content/uploads/MakeBillionairesPayTheirFairShareAct.pdf

Link to draft BILL SUMMARY (PDF) - https://www.sanders.senate.gov/wp-content/uploads/Wealth-Tax-Bill-Summary.pdf

Link to ECONOMIC ANALYSIS (PDF) - https://www.sanders.senate.gov/wp-content/uploads/saez-zucman-sanders2026wealthtax.pdf

17 replies

= new reply since forum marked as read

Highlight:

Bernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires (Original Post) BumRushDaShow Mar 3 OP

That's a good start, ultimately taxing 50% of EVERY billion. Buddyzbuddy Mar 3 #1

Actually, taxing 50% of every billion would be an excellent start. thought crime Mar 3 #9

Honestly the target should be the corporations more than the wealthy directly. cstanleytech Mar 3 #2

Social media and news will be flooded with claims of how this will destroy the economy. groundloop Mar 3 #3

It will definitely hurt the private jet and yacht economy. ToxMarz Mar 3 #4

And the entire rocket to Mars industry. thought crime Mar 3 #10

If he's going soon, i could support that one! ToxMarz Mar 3 #11

I never understand this. Most of these guys' wealth is in owning huge amounts of stock in the companies they founded. thesquanderer Mar 3 #5

Now, now, no asking sensible questions! Get on the outrage train!! TOOT-TOOT!! lol EX500rider Mar 3 #8

Bezo's yacht costs $70,000. A day to exist but don't worry he makes that in 3 hours questionseverything Mar 4 #12

Except 5% of his net worth is 12 billion a year, as the other poster said hard to sell that much stock without cratering EX500rider Mar 4 #14

I just paid my taxes.... It was hard to do and still keep a roof over head and eat questionseverything Mar 4 #15

And were you taxed on your income or your net worth? nt EX500rider Mar 4 #16

As far as I'm concerned with the billionaires, we can tax them or eat them questionseverything Mar 4 #17

And while they are at it... Scalded Nun Mar 3 #6

Pearl clutching time by MAGAts in Congress!! ProudMNDemocrat Mar 3 #7

Tax Trump first. Emile Mar 4 #13

Buddyzbuddy

(2,616 posts)

1. That's a good start, ultimately taxing 50% of EVERY billion.

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 05:46 AM

Mar 3

And first, secure the solvency of Social Security.
Then medical care, then .....

thought crime

(1,562 posts)

9. Actually, taxing 50% of every billion would be an excellent start.

Reply to Buddyzbuddy (Reply #1)

Tue Mar 3, 2026, 05:03 PM

Mar 3

No person needs half a billion dollars. No one needs it as an incentive either. But starting with 5% is something.

cstanleytech

(28,470 posts)

2. Honestly the target should be the corporations more than the wealthy directly.

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 06:11 AM

Mar 3

Their wealth comes from the corporations and higher taxes on them might be the better way to go.

groundloop

(13,845 posts)

3. Social media and news will be flooded with claims of how this will destroy the economy.

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 09:09 AM

Mar 3

ToxMarz

(2,929 posts)

4. It will definitely hurt the private jet and yacht economy.

Reply to groundloop (Reply #3)

Tue Mar 3, 2026, 09:11 AM

Mar 3

thought crime

(1,562 posts)

10. And the entire rocket to Mars industry.

Reply to ToxMarz (Reply #4)

Tue Mar 3, 2026, 05:05 PM

Mar 3

ToxMarz

(2,929 posts)

11. If he's going soon, i could support that one!

Reply to thought crime (Reply #10)

Tue Mar 3, 2026, 07:41 PM

Mar 3

thesquanderer

(13,005 posts)

5. I never understand this. Most of these guys' wealth is in owning huge amounts of stock in the companies they founded.

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 10:17 AM

Mar 3

So Zuckerberg, Bezos, etc. probably don't even HAVE 5% of their wealth in cash, or anything remotely near that.

So this is what I don't understand about these plans. For Zuckerberg/Bezos to pay the 5% tax, they'd probably have to sell 5% of their stock in Meta/Amazon. IOW, for the government to collect the proposed $11 billion in taxes from them, these guys would probably have to sell $11 billion of their companies' stock. Even assuming there are enough buyers with enough cash to buy that enormous amount of stock that would suddenly be offered to purchase, having all of that stock suddenly "for sale" will drive down the price of the stock, meaning...

... all other owners of the stock will be taking a loss in THEIR net value as the price of the stock goes down, as the market is flooded with additional shares for sale, and

... Zuckerberg/Bazos would probably have to sell MORE than 5% of that stock (perhaps a lot more) to raise enough revenue to pay the tax, because the more shares they sell, they less they can get for them.

And they'd have to do it again every year!

Who would even want to own a stock that will be flooded with a tremendous amount of dilution every year?

Maybe I misunderstand this, but this whole concept has never made sense to me. Am I missing something? Can someone explain to me how this is supposed to work?

EX500rider

(12,581 posts)

8. Now, now, no asking sensible questions! Get on the outrage train!! TOOT-TOOT!! lol

Reply to thesquanderer (Reply #5)

Tue Mar 3, 2026, 04:15 PM

Mar 3

Unfortunately lots of people think a billionaire has a billion dollars in the bank.

questionseverything

(11,836 posts)

12. Bezo's yacht costs $70,000. A day to exist but don't worry he makes that in 3 hours

Reply to EX500rider (Reply #8)

Wed Mar 4, 2026, 03:23 AM

Mar 4

He can use the same money tree for his taxes as he does for his yacht 🛥️

EX500rider

(12,581 posts)

14. Except 5% of his net worth is 12 billion a year, as the other poster said hard to sell that much stock without cratering

Reply to questionseverything (Reply #12)

Wed Mar 4, 2026, 03:09 PM

Mar 4

questionseverything

(11,836 posts)

15. I just paid my taxes.... It was hard to do and still keep a roof over head and eat

Reply to EX500rider (Reply #14)

Wed Mar 4, 2026, 03:13 PM

Mar 4

But I figured it out, I am sure the billionaires and their accountants/lawyers will figure it out too

EX500rider

(12,581 posts)

16. And were you taxed on your income or your net worth? nt

Reply to questionseverything (Reply #15)

Wed Mar 4, 2026, 03:14 PM

Mar 4

questionseverything

(11,836 posts)

17. As far as I'm concerned with the billionaires, we can tax them or eat them

Reply to EX500rider (Reply #16)

Wed Mar 4, 2026, 03:18 PM

Mar 4

Secrets in the sauce

Scalded Nun

(1,691 posts)

6. And while they are at it...

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 10:37 AM

Mar 3

-Eliminate the SS cap
-Eliminate tax on SS received
-Minimum tax based upon gross income above a defined amount
-Tax on all stock/commodities transactions
-Eliminate tax deductions for contributions to any/all political activities, politicians, PACs, etc.
-A bill prohibiting SS funds from being used for anything other than SS benefits
-Money raised to be directly paid towards the national debt, universal healthcare, and to repay the SS fund for all monies stolen from
it since Reagan
-Require full disclosure of all investment income/profits for elected officials

ProudMNDemocrat

(20,895 posts)

7. Pearl clutching time by MAGAts in Congress!!

Reply to BumRushDaShow (Original post)

Tue Mar 3, 2026, 11:16 AM

Mar 3

"Gracious me! How can we ask our BILLIONAIRE class pay a penny more in taxes, when we KNOW they can afford it?"

Watch for MAGA Republican opposition and outrage.

Emile

(42,281 posts)

13. Tax Trump first.

Reply to BumRushDaShow (Original post)

Wed Mar 4, 2026, 09:19 AM

Mar 4

Reply to this discussion