Rep. Ro Khanna (D-Calif.) said the concentration of wealth among U.S. billionaires has reached levels he compared with the Gilded Age, calling for a tax on billionaire wealth.
In a post on X on Thursday, Khanna said about 900 billionaires are worth 22% of U.S. GDP and argued that taxing their wealth could raise $4 trillion over 10 years. He also discussed the proposal in an NPR interview with Steve Inskeep published Thursday.
900 billionaires are worth 22% of our GDP. That’s 3x the wealth concentration of the Gilded Age. We can tax that and get:
— Ro Khanna (@RoKhanna) August 13, 2026
✅Free childcare
✅Free public college & trade schools
✅Extend Medicare to 50 with dental, vision, & hearing
And much more. This is why we need a… pic.twitter.com/nJerfKFSAB
Billionaire Wealth
Khanna said the wealth held by 900 billionaires represents 22% of the economy. He also said 19 billionaires, including some in his district, account for 12% of GDP.
"That is three times the wealth concentration of the Gilded Age. We’re in a second Gilded Age," Khanna said in the video shared alongside his comments.
Khanna said a tax on billionaire wealth could raise $4 trillion over a decade. He said the revenue could be used for free childcare, public college and trade schools, as well as a large industrial investment bank.
He also proposed using the revenue to create 1,000 new trade schools and extend Medicare coverage to people starting at age 50. Khanna said extending Medicare to 50 would cost about $180 billion annually.
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Wealth Tax Debate
Khanna’s comments come as Democrats continue to debate wealth taxes and how additional revenue could be used for social programs.
Earlier this month, California Democrats endorsed a November ballot measure proposing a one-time 5% tax on billionaire wealth. The measure is intended to help fund healthcare, food aid and budget gaps. Khanna had previously given limited backing to the proposal.
Khanna has also recently criticized billionaire tax breaks as a drag on working-class Americans. He said tax breaks for billionaires had left less money in the pockets of working-class Americans. During a Fox News interview, he said, "What’s stealing from working class Americans is these tax breaks to billionaires. They don’t need the tax breaks."
Sen. Elizabeth Warren (D-Mass.) also renewed her call for an ultra-millionaire wealth tax earlier this month. Her proposal calls for a 2% annual tax on household wealth above $50 million and a 3% tax on wealth above $1 billion, with revenue directed toward childcare and early education.
Economic Agenda
The NPR interview also covered Khanna’s economic policy ideas inspired by FDR’s New Deal, his view that Democrats should nominate a progressive presidential candidate and his response to criticism that his views are too far left.
"I’m for Medicare for all, free universal healthcare," Khanna said.
Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Phil Pasquini on Shutterstock.com
