Bernie Sanders Proposes 5% Wealth Tax on Billionaires

What Happened Senator Bernie Sanders (I-VT) and Representative Ro Khanna (D-CA) recently introduced the Make Billionaires Pay Their Fair Share Act, which would impose a 5% annual tax on wealth for anyone in the United States worth over $1 billion. The legislation targets an extremely narrow group—just 930 people representing the very top of the wealthiest 0.01% of Americans. Under this proposal, Tesla CEO Elon Musk would pay approximately $42 billion annually, while Meta founder Mark Zuckerberg would owe roughly $11 billion per year.