A new bill, the “Make Billionaires Pay Their Fair Share Act,” proposes a 5% annual wealth tax on individuals with a net worth of $1 billion or more, impacting roughly 938 U.S. billionaires. This legislation aims to generate significant revenue, with the first year’s proceeds intended to fund a one-time $3,000 check for millions of middle- and lower-income Americans. Future revenue would be directed toward addressing critical needs such as reversing Medicaid cuts, increasing public school teacher salaries, and capping childcare costs for parents. While facing political challenges, this bill aligns with a broader trend of proposals seeking to redistribute extreme wealth and address growing concerns about wealth inequality.
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Senators Bernie Sanders and Representative Ro Khanna have introduced legislation, the “Make Billionaires Pay Their Fair Share Act,” proposing a 5% annual wealth tax on individuals with fortunes exceeding $1 billion. This bill aims to generate an estimated $4.4 trillion over ten years, a sum intended to address significant economic disparities. The revenue generated would fund initiatives such as direct payments to lower-income households, reversing healthcare cuts, expanding Medicare benefits, and increasing affordable housing and teacher salaries. Proponents argue this measure is crucial to curb extreme wealth concentration and ensure a more equitable economy.
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Senator Bernie Sanders will introduce legislation targeting the nation’s wealthiest individuals, proposing a tax hike designed to reduce the fortunes of approximately 1,000 billionaires by nearly half, generating an estimated $4.4 trillion. While unlikely to pass the current Republican-controlled Congress, this initiative is anticipated to serve as a significant benchmark for contenders in the 2028 Democratic presidential primary, mirroring the impact of Sanders’s previous Medicare-for-all proposal on the 2020 cycle. The legislation’s introduction signals a renewed focus on wealth inequality and its potential role in future electoral politics.
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The Kremlin has announced that Russian President Vladimir Putin has ordered a “significant increase” in tax collection and compliance, prompted by the slowdown in Russia’s wartime economy. This directive includes a rise in consumption taxes from 20% to 22% and the planned introduction of a new tax on electronics. The government aims to stimulate economic growth and investment while simultaneously managing inflation, targeting a rate between 4% and 5% by the end of 2026. These measures come amid concerns over declining oil prices and potential impacts from the US’s approach to Venezuelan oil, which could further weaken Russia’s economic standing.
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“I will miss them”: Khanna mocks tech billionaires threatening to leave California for wealth tax – the sentiment is one of amused defiance, a clear-eyed understanding that the threats are likely bluster, and a willingness to call the bluff. It’s a sentiment that resonates with many, a frustration at the perceived arrogance of those who wield immense wealth and leverage it for their own benefit, often at the expense of the society that allows them to thrive.
The common thread throughout the discussion centers on the fact that these threats to leave are a familiar refrain. Reminiscent of the “they were supposed to leave New York 15 years ago” anecdote, the consensus is that the departure of these tech titans is highly improbable.… Continue reading
California Governor Gavin Newsom is opposing a proposed tax on billionaires designed to fund healthcare services and schools, which could raise approximately $100 billion over five years. The tax, known as the “2026 Billionaire Tax Act,” would impose a one-time 5% tax on individuals worth over $1 billion, potentially affecting tech leaders like Mark Zuckerberg and Jensen Huang. Newsom’s opposition is a setback for progressives and labor groups supporting the initiative, though its backers, including SEIU United Healthcare Workers West, believe he will ultimately support it. As Newsom eyes a potential 2028 presidential bid, he has received significant campaign contributions from billionaires, and may need to continue to garner support from wealthy donors.
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I.R.S. Suspends Free Online Offering to File Taxes Directly
So, the IRS has decided to suspend its free online tax filing service, a move that’s stirring up a lot of frustration and, frankly, a bit of outrage. It seems the service, which allowed taxpayers to file directly with the government without paying for third-party software, won’t be available for the 2025 tax season. The general sentiment is that this is a step backward, and it’s not hard to see why.
Many people are questioning the timing and the reasons behind this decision. There’s a palpable sense that the interests of big tax software companies like TurboTax and H&R Block are being prioritized over the needs of average taxpayers.… Continue reading
The IRS will discontinue its Direct File program after a limited pilot and one full filing season, according to Commissioner Bill Long. This decision aligns with the policy directives within a large spending bill, which allocated resources to research and potentially replace direct e-file programs. Despite positive feedback from users, with 94% rating their experience as “excellent” or “above average,” the program is ending. The IRS is committed to modernizing its operations and will provide transparency regarding tax returns and audits.
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Colorado voters approved Proposition MM, a measure that increases taxes on high-income households to fully fund free school meals for all public school children and support the SNAP program. The tax increase, impacting households earning $300,000 or more, will generate revenue to cover the costs of the free meals program, including staff raises and local food sourcing, while any surplus will support SNAP administration. This initiative follows the passage of Proposition FF in 2022, which initially established the Healthy School Meals for All Program but lacked sufficient long-term funding. The passage of Proposition MM ensures the continuation of free school meals for all children and also provides funding to help administer new SNAP requirements.
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The Finance Ministry is implementing tax increases and expanding the tax base to finance defense and security, including lowering the revenue threshold for reporting for small and medium-sized businesses and introducing taxes on gambling. These measures come as the economy cools and revenue from oil and gas sales decline. Facing economic challenges and previously aiming to replenish the National Welfare Fund, the Ministry now plans to adjust oil-related tax flows. The Ministry’s proposals were made shortly before the formal 2026 budget proposal is to be presented.
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John Q. Hosedrinker 
Matt Underwood