Sen. Bernie Sanders (I-Vermont) on Monday will unveil new legislation that would raise $4.4 trillion in taxes from America’s roughly 1,000 billionaires, aiming to roughly halve their fortunes. Sanders’s new legislation, which expands on his prior efforts, calls for an annual 5 percent wealth tax on America’s billionaires. Gavin Newsom, widely viewed as a top Democratic presidential candidate, has objected to a billionaire tax currently being proposed in his state. The total wealth of America’s billionaires rose last year by roughly 20 percent, according to Americans for Tax Fairness, a left-leaning organization. Sanders argues that the measure is an essentially conservative compromise that would leave most billionaires’ fortunes intact.

Source: Washington Post March 02, 2026 22:01 UTC