Sanders seeks 5% annual wealth tax on billionaires to fund $4.4T of social programs

Sen. Bernie Sanders and Rep. Ro Khanna unveiled a plan for a 5% annual wealth tax on America’s billionaires, projecting about $4.4 trillion in revenue to fund major social initiatives—including $3,000 per person checks for households under $150,000, a $60,000 minimum salary for teachers, expanded Medicare with dental/vision/hearing, and greater home‑health care through Medicaid. Economists Saez and Zucman estimate revenue assuming some tax avoidance, and the plan would modestly shrink top fortunes (e.g., Musk, Zuckerberg, Bezos) but is unlikely to pass in a GOP‑led Congress. It could serve as a litmus test for the 2028 Democratic primary, while California Gov. Newsom has warned against similar state taxes. Sanders and Khanna cast the proposal as a decisive reform to address inequality.