1. United States
2. Calif.
3. Letter

I'm asking you to co-sponsor the Sanders-Khanna "Make Billionaires Pay Their Fair Share Act" and the Warren-Jayapal-Boyle "Ultra-Millionaire Tax Act." These federal wealth tax proposals directly address the extreme concentration of wealth that's distorting our democracy. The numbers are staggering. U.S. billionaires doubled their wealth since 2019, and the top 19 billionaires alone added $1 trillion in 2024. Meanwhile, working families are struggling with housing costs, childcare expenses, and healthcare bills. The Sanders-Khanna bill would impose a 5% annual wealth tax on the 938 billionaire households, raising $3.3 to $4.4 trillion over ten years. That revenue could fund $3,000 direct payments to individuals earning under $150,000, build 7 million affordable homes, and establish a $60,000 minimum salary for public school teachers. The Warren-Jayapal-Boyle proposal casts a wider net with a 2% tax on wealth over $50 million and 3% over $1 billion, raising $6.2 trillion over ten years while affecting only 260,000 households. Both bills include robust IRS enforcement funding and exit taxes to prevent wealthy tax dodgers from renouncing citizenship. These policies are overwhelmingly popular across party lines. Massachusetts proved that millionaire taxes work without causing mass exodus despite threats from the wealthy. It's time to make billionaires pay their fair share.