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The Guardian - US
The Guardian - US
World
Lex McMenamin

Billionaire fortunes have reached all-time highs under Trump. So has the movement to tax them

a man surrounded by people holding signs
Senator Bernie Sanders speaks at a Tax the Rich rally hosted by the Democratic Socialists of America on 29 March 2026 in New York. Photograph: Andrew Lichtenstein/Corbis/Getty Images

Karen Sanchez likes to meet new people at trivia nights or concerts at her local brewery at the edge of Los Angeles county. Her opening line: “How do you feel about taxing the rich?”

Sanchez is volunteering to collect signatures to put a contentious “billionaire tax” on California’s November ballot, sponsored by her union, SEIU – United Healthcare Workers West. The proposal would impose a one-time 5% wealth tax on the state’s 200-plus billionaires to cover lost federal funding for California hospitals and emergency services and to fund public education and food assistance programs. She says most people have been eager to sign on – and want to see more of it.

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