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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A recent report from the Federal Reserve Bank of New York has shed light on a truth many suspected all along: Americans are shouldering the vast majority of the costs associated with former President Trump’s tariffs. It turns out that approximately 90% of these tariffs are ultimately paid for by consumers here in the United States. This is a revelation that, while perhaps shocking to some, aligns precisely with how economists have long understood the mechanics of tariffs. When a country imposes taxes on imported goods, those costs don’t simply vanish into thin air. Instead, they are typically passed on down the line, from the importer to the retailer, and ultimately to the end consumer.… Continue reading
An open letter signed by nearly 400 millionaires and billionaires from 24 countries urges global leaders to increase taxes on the super-rich, coinciding with the World Economic Forum in Davos. The letter expresses concern over the wealthy buying political influence, widening the gap between the rich and the rest of society, and fueling the climate emergency. A poll conducted by the Patriotic Millionaires group revealed that a majority of millionaires believe the extremely wealthy buy political influence and support higher taxes on the super-rich to fund public services. Oxfam reported a record number of billionaires were created last year, highlighting the growing wealth disparity and the need for governments to address inequality through taxation.
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A bill is being introduced by Representative Rashida Tlaib to address the dominance of billionaire oligarchs in the United States, aiming to end corporate subsidies and tax advantages that fortify their power. This legislation is backed by Our Revolution, a group that highlights how those who funded Donald Trump’s election have received significant returns on their investments. The article highlights that major donors in industries like oil and gas, private detention, and cryptocurrency, as well as AI, have seen immense financial gains due to policies and tax benefits enacted during Trump’s administration, while many ordinary Americans struggle with economic hardship. Our Revolution is launching a campaign to turn anti-oligarch sentiment into political action and a governing program.
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Billionaires are vehemently opposing a proposed one-time wealth tax on the richest Californians, with some claiming they are fleeing the state to avoid the tax. Critics, like Chamath Palihapitiya and Bill Ackman, have characterized the initiative as an unacceptable seizure of assets. News outlets, such as the Washington Post, have also voiced their disapproval, while reports indicate that some investment firms are establishing new offices outside of California. Supporters of the tax, however, argue that it is a reasonable request for the wealthiest individuals to contribute to mitigate crises facing healthcare, education, and the broader economy, potentially raising approximately $100 billion in revenue for crucial programs.
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In an effort to address declining birth rates, China has eliminated a three-decade-old tax exemption on contraceptive drugs and devices, implementing a 13% value-added tax on these items starting January 1st. This action follows the continued population decline, now in its third consecutive year, and numerous other “fertility-friendly” measures enacted in 2024, including childcare subsidies and promotion of positive marriage attitudes. The country is grappling with these demographic challenges, exacerbated by the lasting impacts of the one-child policy, urbanization, high childcare costs, and economic factors which have collectively discouraged marriage and family formation.
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A recent Economist/YouGov poll reveals strong public support for addressing wealth inequality, with 80% of Americans viewing the wealth gap as a problem. The poll found that 61% believe billionaires are taxed too little, even among Trump voters. Furthermore, a majority (57%) supports lawmakers pursuing policies to reduce the wealth gap, while only 22% disagree. These findings highlight a public desire for the government to address the widening wealth gap, fueled by factors such as stagnant wages, increasing corporate profits, and systemic racism.
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Beginning next month, China will impose a value-added tax on condoms and other contraceptives, reversing a 33-year exemption. This policy change, part of a broader effort to boost the nation’s declining birth rate, will likely increase the cost of contraception. Experts express concern that this tax could limit access to contraception, particularly for young people, while also overlooking gender-equality concerns and potentially increasing STI rates. Simultaneously, the state is promoting marriage and childbearing, with matchmaking agencies newly added to the tax-exempt list, creating a shift in how the state approaches family, marriage, and reproduction.
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On November 8th, a proposal to impose a “minimum contribution” on foreign retirees benefiting from France’s universal healthcare coverage after three months of residency garnered significant support in the Assemblée Nationale. The amendment, spearheaded by MP François Gernigon, targeted retirees from G20 countries, specifically those holding long-stay visas. This measure, aimed at addressing the nation’s €23 billion social security deficit, seeks to ensure reciprocity as many of these countries lack similar healthcare contribution arrangements. While the public accounts minister acknowledged the government’s seriousness regarding the issue, the amendment was carefully crafted to exclude all foreign nationals, and focus on the G20 countries.
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The initiative proposes a one-time 5% tax on the wealth of California billionaires, potentially generating $100 billion. This levy would impact approximately 200 residents with a net worth of $1 billion or more. The funds raised would be earmarked for state health-care costs. Supported by a healthcare workers’ union, the initiative aims to offset federal funding reductions.
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John Q. Hosedrinker 
Matt Underwood