Breaking News: A new tax proposal from Bernie Sanders is reigniting debate in Washington over wealth, taxes, and how government revenue should be used.Under the proposal, major billionaires including Elon Musk, Jeff Bezos, and Mark Zuckerberg would face large tax bills…see more

Announced Monday, the “Make Billionaires Pay Their Fair Share Act” targets 938 individuals, including titans like Elon Musk and Jeff Bezos, for an estimated $4.4 trillion over the next decade — a move Sanders claims is necessary to fix a “corrupt tax code” that has seen wealth redistributed from the bottom 90% to the top 1%.

Sanders, joined by Representative Ro Khanna, introduced the “Make Billionaires Pay Their Fair Share Act.” The plan proposes a 5% annual tax on wealth above $1 billion.

Supporters say it could raise trillions over a decade and provide direct payments to lower- and middle-income households, along with funding for healthcare, education, childcare, and housing programs.
“We have a deep economic divide in this country. On one side, places like Silicon Valley are generating extreme wealth. On the other side, families are struggling to cover the cost of health care, housing, and basic needs.

We can tax billionaires a modest amount to make sure everyone has a fair chance while keeping our innovative engine,” Khanna said in the same press release.

Critics argue the projected revenue may be overstated due to possible tax avoidance and economic effects. With limited Republican support, the legislation faces an uncertain path in Congress.