Governor Gavin Newsom and a group of billionaires failed to remove a ballot measure supported by a majority of California’s voters that would impose a one-time 5% wealth tax on California billionaires. After unsuccessfully campaigning to kill the measure, Gov. Newsom put forth a nationwide tax proposal that falls far short of addressing the urgent crisis we face.
Elon Musk became the world’s first trillionaire because our tax system shields the wealth of the ultra-wealthy from taxation while requiring working people to pay taxes on every paycheck. Today’s milestone should serve as a wake-up call to us all.
OpenAI just confidentially filed for an initial public offering, days after Anthropic announced their own plans to go public and ahead of SpaceX’s debut earlier this week. In response, Tax the Greedy Billionaires Campaign Director Igor Volsky issued the following statement.
Today, on Tax Day, U.S. Representative Don Beyer (D-Va.) and U.S. Senator Chris Van Hollen (D-Md.) reintroduced their Millionaires Surtax Act, legislation to address the growing income inequality gap between wealthy and working Americans and raise significant revenue to support everyday families and grow our economy.
Tax the Greedy Billionaires released an interested parties memo endorsed by more than 20 progressive groups calling on lawmakers to go beyond articulating the failures of the Trump administration and offer a real, forward-looking economic agenda to build an economy that actually empowers working families and breaks up extreme concentrations of wealth.
Today, Senator Bernie Sanders is in Los Angeles making a simple case: Billionaires can afford a one-time tax to safeguard California’s healthcare from collapse. Sanders’ speech comes as a group of tech billionaires announced a campaign to counter the California billionaire tax, using their immense wealth to push through ballot initiatives that confuse voters and potentially invalidate the billionaire tax initiative.
The idea of a pro-billionaire march at a time when millions of working people are struggling is so out of touch that it’s almost laughable. But there is nothing funny about the ways in which extreme wealth has corroded every facet of American life.
Last week, the Trump administration acknowledged skyrocketing housing costs and the role billionaire control plays in pricing families out of homes. This comes after the president has tried to downplay affordability issues, revealing that the administration may feel vulnerable ahead of the midterms.
New polling released today by Impact Research and Tax the Greedy Billionaires confirms that taxing billionaires is one of the most unifying and popular policies heading into the 2026 midterms. Roughly three-in-four likely voters in battleground congressional districts and in key states like Michigan and Ohio support raising taxes on billionaires.
The House passed sweeping tax cuts that benefit the ultra-wealthy, sending the bill to President Trump for signing. The bill will add $3.4 trillion to the national debt and stifle economic growth for years to come, while giving the top .01% richest Americans over $390,000 each.