If Dems Won’t Tax Billionaires After This, What Are They Even Doing?

Granted, the Democrats no longer have power, so right now there’s not much they can do. But as they make their case heading into 2026 and 2028, asking voters to return them to power, they need to talk about a wealth tax like the 5% annual tax on people with $50 million or more and a 10% annual tax on people with $250 million or more. Independent analysts found that such an approach would raise $6.8 trillion in the first 10 years, slow the emergence of new billionaires and reduce the total share of wealth controlled by billionaires.

It’s not just about generating income to invest in our families and communities. It’s also about breaking the cycle we currently live in: billionaires use their wealth to buy political power, then use that political power to enrich themselves further while dismantling public programs that help everyone, thereby making them more dependent on services run by billionaires.

Democrats have a choice. They can continue to play defense while billionaires systematically dismantle our economy and democracy to enrich themselves or go on the offensive with a message the country is ready to hear: If you elect us, we will tax extreme wealth to return power to the people.