April 2026
Welcome to The Billionaire Bulletin, brought to you by Tax the Greedy Billionaires and the Extreme Wealth Center. Each month, we explore how extreme concentrations of wealth are distorting our economy and eroding our democracy. Join our mailing list to get this newsletter in your inbox every month.
THE TURNING TIDE OF TAX DAY
It’s the one day a year when tax policy is impossible to ignore, and it’s become clearer than ever that Americans are fed up. At a time when at least 88 major U.S. corporations are paying literally $0 in federal income tax, Trump’s so-called One Big Beautiful Bill Act is showering 70% of its tax cuts to the richest 20% of Americans.
In the face of this unprecedented billionaire takeover, Americans are yearning for leaders who will stand boldly against the emerging oligarchy. Momentum is building for robust policies that tax the ultra-wealthy and break up the concentration of extreme wealth:
- Federal leaders are moving legislation to tax the wealthy. Senator Bernie Sanders and Representative Ro Khanna have introduced a new wealth tax proposal, as have Senator Elizabeth Warren and Representative Pramila Jayapal. Today, a broad coalition of lawmakers and organizations unveiled new policy agendas and legislation like the Millionaire Surtax and Equal Tax Act.
- State leaders are making progress on taxing the wealthy. Washington became the latest state to sign a millionaires’ tax into law, as at least ten states like California, Rhode Island, and Michigan pursue new ways to tax the rich. Today, New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul announced a tax on second homes worth over $5 million. In a Tweet about the policy, Mamdani said, “We will be taxing the ultra-wealthy and global elites.”
- Electoral candidates are advancing proposals to tax the wealthy. Across the country, candidates for office are embracing bold policies to tax billionaires.
Polling shows that Americans overwhelmingly support taxing the ultra-rich. 77% of Americans, including 75% of Independents and 65% of Republicans, support raising taxes on billionaires. The American people inherently understand that the ultra-wealthy are making life harder for the rest of us by driving up the cost of living and twisting the economy to serve themselves.
If we’re serious about shifting power from the ultra-wealthy to working people, we must advance proposals that move beyond asking the rich to simply pay their fair share in taxes. Extreme wealth concentration is itself the crisis. Wealth doesn’t just sit in a vault somewhere, it reshapes the world around it to suit the person holding it. Billionaires shouldn’t just pay more – they should have less.
HARD TRUTH
Billionaires are pouring money into the midterms to maintain their grip on the American economy. Just 50 billionaire families have already contributed over $433 million to midterm political campaigns, according to analysis by Americans For Tax Fairness. The largest individual contributor is Elon Musk, who has already donated almost $71 million. So much for his promise to get out of politics! Twelve of the top 15 highest-spending families gave nearly exclusively to Republicans, no doubt angling for another round or two of future tax breaks.
BILLIONAIRE BLIGHT OF THE MONTH
Google co-founder Sergey Brin has spent at least $45 million fighting California’s proposed billionaire wealth tax, which would use the revenue to safeguard the state’s health care system. The California Hospital association estimates that the cuts in the One Big Beautiful Bill Act will result in as much as $128 billion in Medicaid and Medicare revenue losses to California hospitals, with up to 1.8 million Californians losing insurance coverage. One healthcare workers union has proposed a one-time, 5% wealth tax on the state’s 200 billionaires to help offset these losses. That means Brin has opted to spend tens of millions dollars fighting the ballot initiative rather than risk seeing 5% of his $255 billion fortune go to funding healthcare for vulnerable Californians.
NEWSWORTHY NUGGETS
- “How Billionaires Have Rigged the System” – Real Patriotism with Terry Moran
- “The American Experiment Has Been Infected by Oligarchs” – Mother Jones
- “Tax the Corporations Cashing in on War” – OtherWords
- “Tax the Rich, Make Life Affordable” – Americans For Tax Fairness
- “New Polling Shows Overwhelming Advantage for Candidates who Support Taxing Billionaires, Exposing Key Liability for Gov. Gavin Newsom” – Tax the Greedy Billionaires
- “Private equity’s growing footprint in Michigan tied to layoffs, rising housing costs, and healthcare risks” – Private Equity Stakeholder Project
- “Despite Any Refunds, You’re Probably Paying More Taxes Under Trump While Richest Pay Less” – Institute on Taxation and Economic Policy
WHAT IS THE BILLIONAIRE BULLETIN?
This monthly newsletter aims to highlight the many ways in which extreme wealth concentration threatens our economy, democracy, climate, and more. In each issue, we tackle timely topics by pulling back the curtain and exposing how billionaires are rigging the system against ordinary Americans.
Here are some additional ways to get engaged:
- Encourage your friends and colleagues to sign up for our newsletter here.
- Visit Tax the Greedy Billionaires and the Extreme Wealth Center for fact sheets and research.
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