Bernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires

Bernie Sanders speaks at a campaign event in Los Angeles in February 2026. Photograph: Jae C Hong/AP

Senator Bernie Sanders and Ro Khanna, a representative, on Monday introduced legislation that would impose a 5% annual wealth tax on America’s billionaires.

The proposal, titled the make billionaires pay their fair share act, would apply to individuals in the US with a net worth of $1bn or more, of which Sanders’s office estimates there are 938 people who meet that threshold.