On Monday, Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) introduced the Make Billionaires Pay Their Fair Share Act. The legislation would apply an annual 5% wealth tax to 938 U.S. billionaires, affecting fewer than 1,000 people.
Sandersâ office estimated the tax would raise $4.4 trillion over the next decade. The lawmakers cited a collective billionaire net worth of $8.2 trillion and provided illustrative estimates of liabilities for specific individuals: Elon Musk would owe $42 billion on an $833 billion net worth; Mark Zuckerberg and Jeff Bezos would each owe $11 billion relative to net worth figures of $220 billion and $218 billion.
The lawmakers and cited economists described the proposal as a direct tool to address top wealth concentration, noting billionaire wealth more than doubled since 2019 and increased about 20% in 2025. The proposal was also described as a potential political test ahead of the 2028 presidential election.