Bernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires [View all]

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