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

Granted, the Democrats are out of power, so right now, they can’t do much. But as they make their case heading into 2026 and 2028, asking the voters to return them to power, they need to be talking about a wealth tax like the 5 percent annual tax on people with $50 million or more in wealth and a 10 percent annual tax on people with $250 million or more. Independent scorekeepers have 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.

This isn’t just about raising revenue to invest in our families and communities. It’s also about breaking the cycle we are currently living through: billionaires using their wealth to buy political power, then using that political power to enrich themselves further while dismantling public programs that help everyone else, thus making them more dependent on billionaire-run services.

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