Progressives Float Annual Wealth Tax on Billionaires: BGOV Tax

Sanders, Khanna Pitch Billionaire Tax

American billionaires would pay a 5% annual wealth tax under a bill floated by Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.), as interest in taxing the wealthy spreads in some states.

The proposal, likely dead on arrival in the current GOP-controlled Congress, would raise $4.4 trillion in revenue over a decade, a news release said. But some tax policy analysts argue that the estimate is far too high.

That’s because the ultra-wealthy and an army of tax experts would be able to avoid a higher tax rate—leading to far less revenue ...