Sanders and Khanna Propose $4.4 Trillion Billionaire Wealth Tax

The Make Billionaires Pay Their Fair Share Act would impact fewer than 1,000 individuals, but the fiscal scope of the proposal is vast. According to projections from the office of Senator Sanders, the revenue would be directed toward expansive social programs, including $3,000 direct payments to households earning $150,000 or less, the expansion of Medicare to cover dental and vision care, and the construction of 7 million affordable homes. Economists Emmanuel Saez and Gabriel Zucman of UC Berkeley support the measure, arguing that such a tax is essential to curb the extreme concentration of wealth that has widened the economic gap since the 1980s.

The legislation highlights the disparity between billionaire fortunes and the financial realities of average Americans. For example, Tesla CEO Elon Musk—whose net worth stands at $833 billion—would owe $42 billion under the plan, leaving him with a remaining fortune of $792 billion. Similar levies would apply to Mark Zuckerberg and Jeff Bezos, both of whom would owe $11 billion based on their current holdings. While the proposal enjoys support from roughly two-thirds of the American public, it arrives as a potential flashpoint for the 2028 presidential race. The bill sets up a clear ideological divide within the Democratic party, contrasting sharply with the stance of California Governor Gavin Newsom, who has opposed similar wealth tax measures in his home state.