Sanders Proposes Billionaire Wealth Tax to Fund $3,000 Payments

The tax would affect 930 billionaires and raise funds for working families

Mar. 14, 2026 at 12:00pm

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Senator Bernie Sanders (I-VT) has introduced the Make Billionaires Pay Their Fair Share Act, a 5% annual wealth tax on anyone in the US worth over $1 billion. The tax would affect 930 people and raise funds to provide $3,000 direct payments to every American in a household earning $150,000 or less, with subsequent revenue used to address 'the most pressing crises facing working families'.

Why it matters

Sanders' proposal highlights growing concerns about income and wealth inequality in the US, where the top 1% own more wealth than the bottom 93% and billionaires have seen their wealth surge. The wealth tax aims to make the ultra-wealthy pay more to support working families struggling with the cost of living.

The details

The Make Billionaires Pay Their Fair Share Act would impose a 5% annual wealth tax on anyone in the US worth over $1 billion. This would affect 930 people, including Elon Musk who would owe around $42 billion per year and Mark Zuckerberg who would owe $11 billion. In the first year, the revenue would provide $3,000 direct payments to every American in a household earning $150,000 or less, with subsequent funds used to address other pressing needs of working families.

  • The bill was recently introduced by Sanders and Rep. Ro Khanna (D-CA).
  • The wealth tax would begin in 2027 if passed.

The players

Bernie Sanders

A U.S. Senator from Vermont and ranking member of the Senate Health, Education, Labor, and Pensions Committee.

Ro Khanna

A U.S. Representative from California who co-introduced the wealth tax bill with Sanders.

Elon Musk

The CEO of Tesla and SpaceX, who would owe an estimated $42 billion per year under the proposed wealth tax.

Mark Zuckerberg

The co-founder and CEO of Meta (Facebook), who would owe an estimated $11 billion per year under the proposed wealth tax.

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What they’re saying

“We're living in a moment where the top 1 percent owns more wealth than the bottom 93 percent, where one man, Elon Musk, owns more wealth than the bottom 53 percent of American households, where, while 60 percent of our people are living paycheck to paycheck, the billionaire class has seen its wealth increase by a trillion and a half dollars since Trump was elected.”

— Bernie Sanders, U.S. Senator (Vox)

“The time is long overdue that we stand up to that greed and say, no, that's not the choice. You are in America, you benefited from America, you're part of America. You don't have the divine right to rule and you play by the rules, and if we pass this tax, you're going to pay it.”

— Bernie Sanders, U.S. Senator (Vox)

What’s next

The bill has essentially no chance of passing Congress in the near future, but it could become a litmus test for Democratic presidential candidates in 2028.

The takeaway

Sanders' proposed billionaire wealth tax aims to address growing income and wealth inequality in the US by requiring the ultra-wealthy to contribute more to support working families. While the bill faces long odds, it reflects a broader push by progressives to make the rich 'pay their fair share' through higher taxes.