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a move Sanders claims is necessary to fix a "corrupt tax code" that has seen wealth redistributed from the bottom 90% to the top 1%

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OverSeas AG said:

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They never have a view of future, other than life will be "better."

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The legislation cites several high-profile figures to illustrate its reach: Elon Musk would owe $42 billion, Mark Zuckerberg could pay $11 billion and Jeff Bezos would owe an approximate $11 billion.

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How do these morons not understand that requiring the liquidation of unrealized gains would implode the global markets?

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aggiehawg said:

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The legislation cites several high-profile figures to illustrate its reach: Elon Musk would owe $42 billion, Mark Zuckerberg could pay $11 billion and Jeff Bezos would owe an approximate $11 billion.

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They are insane. No way that would pass Constitutional muster.

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Tree Hugger said:

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Haven't they already determined that Elon Musk has paid more in income tax than any person in history? I'd call that paying his fair share.

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The measure would direct new tax revenue toward one-time $3,000 payments for individuals in households earning $150,000 or less, meaning a family of four could receive up to $12,000.

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Max Stonetrail said:

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Good grief. $12,000, while nice, is not going to do anything materially for a family of four, especially between $100-150K. All that is going to do is repeat inflation caused by the IRA Covid checks.

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Max Stonetrail said:

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Good grief. $12,000, while nice, is not going to do anything materially for a family of four, especially between $100-150K. All that is going to do is repeat inflation caused by the IRA Covid checks.

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Gaeilge said:

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Progressive lawmakers Bernie Sanders, Ro Khanna unveil $4.4T wealth tax targeting billionaires

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Announced Monday, the "Make Billionaires Pay Their Fair Share Act" targets 938 individuals, including titans like Elon Musk and Jeff Bezos, for an estimated $4.4 trillion over the next decade a move Sanders claims is necessary to fix a "corrupt tax code" that has seen wealth redistributed from the bottom 90% to the top 1%.

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The core of the proposal is a direct 5% annual wealth tax on assets, not just income, exceeding $1 billion. Sanders and Khanna project the bill to raise $4.4 trillion in revenue over 10 years.

The measure would direct new tax revenue toward one-time $3,000 payments for individuals in households earning $150,000 or less, meaning a family of four could receive up to $12,000.

The legislation cites several high-profile figures to illustrate its reach: Elon Musk would owe $42 billion, Mark Zuckerberg could pay $11 billion and Jeff Bezos would owe an approximate $11 billion.

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Did any democrat take an economics class? How do these morons not understand that requiring the liquidation of unrealized gains would implode the global markets?

YOU CANNOT AND WILL NOT EVER BRING THE POOR TO PROSPERITY BY TAXING THE RICH OUT OF IT!!

What a bunch of MORONS!!

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twk said:

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I'm sort of hoping this makes it to the ballot and gets approved by the whacked out electorate of that cesspool state, but, I don't think it would ever get enforced because it is an unconstitutional taking under the 5th amendment (which doctrine has been applied to the states under the 14th amendment). Nevertheless, the chaos that would ensue would be entertaining.

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NE PA Ag said:

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twk said:

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I'm sort of hoping this makes it to the ballot and gets approved by the whacked out electorate of that cesspool state, but, I don't think it would ever get enforced because it is an unconstitutional taking under the 5th amendment (which doctrine has been applied to the states under the 14th amendment). Nevertheless, the chaos that would ensue would be entertaining.

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I believe California and maybe New York have proposals going in their respective capitals, but this is a federal bill they are proposing.

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Gaeilge said:

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"corrupt tax code"

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So it turns out that the sitting local Democratic congressman in Silicon Valley, @RoKhanna, is the most un-entrepreneurial, creative or innovative person possible.

He is:

1) In favor of California’s Property Seizure tax that he calls a “Billionaire” Tax. It’s already led to…

— Chamath Palihapitiya (@chamath) March 3, 2026

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So it turns out that the sitting local Democratic congressman in Silicon Valley,
@RoKhanna
, is the most un-entrepreneurial, creative or innovative person possible.

He is:

1) In favor of California's Property Seizure tax that he calls a "Billionaire" Tax. It's already led to half of California's Billionaire wealth to flee the state which will leave the middle class to pay for the lost revenues.

2) Despite this, he then teamed up with Bernie Sanders to propose an additional national 5% wealth tax to spend on God knows what.

3) Despite all the virtue signaling on inequality, he is also one of the most prolific traders in Congress where just last year he traded $55.7m of stock. With everything he learns in Congress to help him, he beat the market by 13%.

Ro's ambition is what matters most to him and he will flop from dumb idea to dumb idea if he thinks it will serve his broader political ambitions.

Currently that means being a quasi socialist to win favor with the extreme left of his Party.

He doesn't deserve to represent Silicon Valley and I hope he loses badly in his re-election.

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Max Stonetrail said:

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Good grief. $12,000, while nice, is not going to do anything materially for a family of four, especially between $100-150K. All that is going to do is repeat inflation caused by the IRA Covid checks.

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