Wealth Tax on Billionaires

No one becomes a billionaire alone. Every fortune is built on roads we all drive, schools we all fund, and workers who create value. Yet while the wealthy amass fortunes beyond measure, teachers buy supplies from their own paychecks, families struggle to afford rent, and hospitals ration care. This is not the price of prosperity—it is the cost of injustice.

The solution is clear: A wealth tax on billionaires. A modest tax on extreme wealth funds education, healthcare, and infrastructure—investments that lift everyone, not just the privileged few.

This is not punishment—it is fairness. The working class pays taxes on every dollar earned. Billionaires stash fortunes in loopholes, paying less, percentage-wise, than a nurse or firefighter. A just economy ensures those who have gained the most contribute the most.

Action must follow principle. Demand policies that tax extreme wealth. Support leaders who will close loopholes and hold the ultra-rich accountable. Reject the myth that billionaires alone drive progress—real prosperity is built by all of us.

A society where billionaires hoard while millions struggle is not a democracy—it is a feudal state in disguise. Tax extreme wealth, invest in the future, and ensure prosperity is shared, not stockpiled.

Key Stats

1. Extreme Wealth Concentration: The combined net worth of the 400 richest Americans exceeds $4 trillion, which is more than the total wealth of the bottom 50% of the population—underscoring how a handful of billionaires control a disproportionate share of national wealth.

2. Effective Tax Rate Disparity: While the average middle-class household pays an effective tax rate of around 20–25%, many billionaires pay an effective rate below 5% due to extensive loopholes and capital gains advantages, highlighting a stark imbalance in fiscal responsibility.

3. Loophole-Driven Tax Losses: Research by the Institute on Taxation and Economic Policy estimates that current tax loopholes enable billionaires to shield billions of dollars from taxation each year—closing these gaps could generate up to $300 billion in additional annual revenue.

4. Revenue Potential for Public Investment: A modest wealth tax on individuals with net worths above $50 million is projected to raise over $1 trillion over a decade, providing critical funding for education, healthcare, and infrastructure that benefits society as a whole.

5. Broad Public Support for Fairness: Surveys consistently show that 60–70% of Americans support higher taxes on the wealthy, including a wealth tax on billionaires, reflecting widespread public demand for a fairer tax system that redistributes the benefits of prosperity more equitably.

Our Allies

1. Institute for Policy Studies (IPS)
   A progressive think tank that has long championed policies to reduce economic inequality, including proposals for wealth taxes as a tool to redistribute wealth and invest in public goods.

2. Center on Budget and Policy Priorities (CBPP)
   CBPP conducts rigorous research on fiscal policy and advocates for progressive tax reforms that target the wealthiest Americans as part of broader efforts to reduce income and wealth disparities.

3. Economic Policy Institute (EPI)
   EPI produces research on income and wealth inequality and supports measures such as wealth taxes to create a fairer economic system that better funds public investments.

4. Justice Democrats
   Focused on electing progressive leaders, Justice Democrats push for policies that include drastic tax reforms on the super rich as part of a broader agenda for economic justice.

5. Our Revolution
   Born from the movement supporting Senator Bernie Sanders, Our Revolution advocates for transformative economic policies, including wealth taxes, to fund social programs and reduce inequality.

10 Steps

1. Conduct a Comprehensive Wealth Audit
   Leverage data from the IRS, Forbes, and the Institute on Taxation and Economic Policy (ITEP) to document the distribution of wealth among the ultra-rich. For example, research indicates that the top 0.1% of Americans hold nearly 20% of the nation’s wealth. This audit will quantify existing wealth concentrations and expose loopholes that allow billionaires to pay disproportionately low tax rates, forming a robust, data-driven baseline for reform.

2. Build a Multi-Stakeholder Coalition
   Assemble a coalition of progressive advocacy groups, labor unions, economists, social justice organizations, and policy experts. Convene an inaugural summit that includes representatives from at least 50 organizations nationwide, such as the Economic Policy Institute, National Nurses United, and the Progressive Tax Alliance. This united coalition will pool expertise and resources, amplifying calls for a wealth tax as a means to reduce inequality and fund essential public services.

3. Develop a Detailed Legislative and Policy Agenda
   Craft a comprehensive policy blueprint that mandates a wealth tax on billionaires, closing existing loopholes and ensuring that those with extreme wealth contribute fairly. Proposals should include specific benchmarks—such as a 2% tax on net worth above $50 million and a 3% surtax above $1 billion—backed by research from economists like Thomas Piketty. This agenda will offer a clear roadmap for lawmakers to reduce wealth inequality and increase funding for education, healthcare, and infrastructure.

4. Launch a Data-Driven Public Awareness Campaign
   Utilize compelling statistics and personal narratives to educate the public on the impacts of wealth inequality. Polls suggest that a majority of Americans support increased taxes on the ultra-rich, yet many are unaware of the scale of wealth concentration. Deploy a multi-platform media strategy—using social media, interactive webinars, and documentary storytelling—with targets such as reaching 2 million impressions and boosting public support for a wealth tax by at least 20% over the next year.

5. Implement Targeted Lobbying and Policy Advocacy
   Organize strategic meetings, policy briefings, and public hearings with key legislators—especially those serving on finance, budget, and economic committees. Present the legislative agenda alongside hard data, including studies showing that nations with progressive wealth taxes enjoy lower inequality and stronger public services. Aim to secure commitments from at least 30 influential policymakers to sponsor wealth tax reform, leveraging evidence that targeted lobbying can shift legislative priorities by up to 35%.

6. Mobilize Grassroots and Community Action
   Coordinate with local advocacy groups to organize rallies, petition drives, and digital campaigns demanding that billionaires contribute their fair share. Distribute advocacy toolkits—featuring sample letters, social media graphics, and guidelines for contacting representatives—to empower communities. Set measurable targets such as increasing grassroots mobilization events by 40% and collecting over 500,000 petition signatures nationwide within 18 months, ensuring sustained public pressure for reform.

7. Establish a Legal Defense and Rapid Response Team
   Form a dedicated legal unit drawing on expertise from public interest law firms and organizations like the ACLU to challenge legal obstacles and defend new wealth tax measures in court. This team should be prepared to initiate legal action within 48 hours of encountering challenges from corporate interests or constitutional opponents. Historical precedents show that swift legal intervention can protect reform measures and deter attempts to roll back progress.

8. Implement Robust Monitoring and Accountability Mechanisms
   Create an independent oversight board comprising economists, policy experts, and representatives from watchdog groups to monitor wealth tax collection and revenue allocation. Develop a publicly accessible dashboard—updated quarterly—with key performance indicators such as revenue generated, reduction in wealth disparity, and increases in public investment. This transparency will ensure continuous evaluation and timely adjustments, modeled on best practices from government accountability initiatives.

9. Engage in Strategic Electoral Politics
   Identify and support political candidates with a proven commitment to progressive taxation and reducing wealth inequality. Organize targeted voter registration drives and issue-focused campaigns in key swing districts, using data from organizations like the Center for Information & Research on Civic Learning & Engagement (CIRCLE) to focus outreach. Mobilize tens of thousands of new, economically engaged voters before the next election cycle, reshaping the political landscape in favor of wealth tax reform.

10. Institutionalize Wealth Tax Reform for Long-Term Impact
    Partner with universities, think tanks, and policy institutes to develop standardized training programs and policy manuals that embed wealth tax measures into federal and state fiscal frameworks. Establish permanent commissions—such as a National Commission on Wealth Equity—to review and update tax policies every two years. Commission longitudinal studies to assess the long-term impacts on economic mobility, public investment, and social equity, ensuring that wealth tax reforms evolve with changing economic conditions.