If not this year, soon. Then New York, and then a national rollout
/
Peter Thiel is leaving California if we pass a 1% tax on billionaires for 5 years to pay for healthcare for the working class facing steep Medicaid cuts.
— Ro Khanna (@RoKhanna) December 27, 2025
I echo what FDR said with sarcasm of economic royalists when they threatened to leave, "I will miss them very much." https://t.co/5N8FxBqJww
It's 1 percent a year for 5 years
— Ro Khanna (@RoKhanna) December 27, 2025
They won’t stop at California, of course
March 01, 2021:
Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires
POINTS
Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats on Monday proposed a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.
The Ultra-Millionaire Tax Act would aim to close the U.S. wealth gap, which has grown wider during the Covid pandemic.
Sen. Elizabeth Warren explains her 'Ultra-Millionaire' tax proposal
A slew of Democrats on Capitol Hill — including progressives Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt. — on Monday proposed a 3% total annual tax on wealth exceeding $1 billion.
They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion.
The Ultra-Millionaire Tax Act aims at reining in a widening U.S. wealth gap, which has been exacerbated by the Covid pandemic.
"The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began," Warren said Monday in a statement.
About 100,000 Americans — or, fewer than 1 in 1,000 families — would be subject to a wealth tax in 2023, according to Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley.
The policy would raise at least $3 trillion over a decade, they found.
Warren called for the tax revenues to be invested in child care and early education, K-12 education and infrastructure.
Aside from Warren and Sanders, other co-sponsors of the legislation include: Sens. Sheldon Whitehouse, D-R.I.; Jeff Merkley, D-Ore.; Kirsten Gillibrand, D-N.Y.; Brian Schatz, D-Hawaii; Edward Markey, D-Mass.; and Mazie Hirono, D-Hawaii. Reps. Pramila Jayapal, D-Wash.; and Brendan Boyle, D-Pa., are also co-sponsors.
What I don’t see in these money grabs is any provisions for refunds when that unrealized “wealth” drops in value, the way Elon Musk’s did in 2020, when Tesla’s Valuation Dropped $40 Billion In A Day.
I’m sure that’s just an oversight.