Billionaire Tax Proposal: Sanders-Khanna Act

0:00In Tampa Bay, it's March 3rd. Here's what is happening. Senator Bernie Sanders and Representative Rokana have introduced a new bill called the Make Billionaires Pay Their Fair Share Act. It proposes a 5% annual tax on the net worth of anyone with more than $1 billion in assets. Lawmakers say this targets around 938 of the wealthiest people in the country and could generate $4.4 trillion. Dollars over the next 10 years. The plan focuses on wealth, not just income, to tackle what they call extreme inequality. Supporters argue billionaires often pay lower effective rates than regular workers. The revenue would fund big expansions in social programs and one-time payments of up to $3,000 per person for households earning under $150,000 a year. People like Elon Musk could face a $42 billion bill under this, while Jeff Bezos and Mark Zuckerberg might each owe about $11 billion. The money would also go toward over $1 trillion in Medicare and Medicaid growth, more

1:03affordable housing, lower child care costs, and a minimum $60,000 salary for public school teachers. Critics, including experts from the Tax Foundation, question the revenue estimates. They warn a 5% tax on investments in businesses could slow economic growth without delivering the promised funds. Business leaders have raised similar concerns about chasing away innovation and wealth. Republicans have not yet commented officially, but the proposal fits into ongoing debates about taxing the rich. Meanwhile, the tax filing season for 2026 just opened, reminding everyone of current rules. Stay tuned for updates as this moves through Congress. Thanks to our sponsor for helping bring you this episode, some people