Bernie Sanders’ billionaire tax would soak about 900 people to fund $3,000 checks for the middle class

Fortune ^ | 03/04/2026 | Jake Angelo

[SeekAndFind]

Imagine a small concert venue, hosting 900 people, give or take. That’s about the number of passengers and crew on a small cruise ship, or of students attending the average U.S. public high school. A group that size collectively holds more wealth than the bottom half of the country combined, because that’s roughly how many billionaires live in the U.S. But a new bill is asking the people in that hypothetical cruise ship, concert venue, or high school to chip in, and to bankroll multi-thousand-dollar checks for millions of middle-class Americans.

Sen. Bernie Sanders and Rep. Ro Khanna introduced the “Make Billionaires Pay Their Fair Share Act” on Monday, a proposed 5% annual wealth tax on individuals with a net worth of $1 billion or more. Sanders estimates a total of 938 billionaires live in the U.S. and hold a collective $8.2 trillion.

That $8.2 trillion won’t only go into the government’s coffers. The proposed bill has some of that revenue going back into your pockets. In its first year, tax revenue would go toward a one-time $3,000 check for every person living in a lower- or middle-income household, or those earning $150,000 or less.

While the legislation faces steep odds given Republican control of the House and Senate, the bill follows a trend of proposals aimed at redistributing billionaire wealth. A major labor union introduced a California billionaire tax ballot initiative of similar stature—a 5% tax on those with a net worth of $1 billion or more in the state—though framed as a one-time tax rather than a recurring one. That bill has ignited an exodus from the state, with Google cofounders Sergey Brin and Larry Page among those who have announced their departures.

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TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: atlasshrugged; bernieparasite; berniesanders; billionaire; bureaucraticmugging; buymoreobamaphones; commiesanders; governmenttheft; organizedcrime; tax; taxes; theft; votebuying; welovebillionaires

[SeekAndFind]

The Biden administration in 2023 introduced a similar bill—a 20% minimum income tax for households with a net worth of $100 million or more—though with little success.

Sanders envisions this bill would be different. The revenue from the following years would be directed toward the “most pressing crises facing working families,” according to Sanders in a press release introducing the bill, estimated to generate $4.4 trillion within its first decade. Sanders and Khanna said the money would reverse $1.1 trillion in cuts to Medicaid and the Affordable Care Act from the One Big Beautiful Bill Act; establish a minimum $60,000 salary for public school teachers; and cap parent childcare payments at 7% of household income.

[SeekAndFind]

If a billionaire renounces U.S. citizenship in the context of a wealth‑tax proposal like Bernie Sanders’, based strictly on U.S. tax law — not on opinions about any political figure.
The key is this: renouncing citizenship does not let a billionaire escape U.S. taxation.

The U.S. already has a powerful mechanism to prevent that.

In fact, If a billionaire renounces U.S. citizenship, they are hit with the U.S. Exit Tax, which taxes all their unrealized gains as if they sold everything the day before they renounce.

This applies automatically under existing law — regardless of any proposed billionaire tax.

Under current law, anyone who renounces U.S. citizenship and meets the “covered expatriate” criteria must pay the exit tax, which:

✔ Taxes all unrealized capital gains
The IRS pretends you sold every asset you own the day before you renounce.

You owe capital gains tax on the appreciation.

✔ Applies to anyone with net worth ≥ $2 million
This threshold is not indexed upward meaningfully — it still sits at $2,000,000.

Every billionaire qualifies.

✔ Applies even if you move all assets offshore
The tax is triggered before you leave the U.S. tax system.
You cannot avoid it by transferring assets first.

✔ Applies even if you have not sold anything
It is a “deemed sale” — you owe tax on paper gains.

[KC_for_Freedom]

One question, why should the government do this? Would the 900 people do it on their own? Same question Why?

Is this plan going to fix something that is broke?

My suggestion is to have these 900 people give jobs to the people who want to earn their keep. Otherwise they should keep their money.

[Myrddin]

The US is premised upon private property accumulated by individuals through their own productive work. The notion that a thief operating under the authority of the federal government can expropriate private property is unacceptable. It is exactly what a communist would do to further the abolition of private property. Sanders is a communist.

[Fungi]

Exodus 20:17
Thou shall not covet.

[rexthecat]

Many people I know took the Covid money they got and went straight to the casino. They didn’t really need the money and it ended up being wasted on slot machines.

[doc maverick]

Bernie needs to be put out to pasture.
Then fertilize him with the manure spreader.
The islamocommie party is DONE.

[ProgressingAmerica]

See these voters?

Purchase them.

[Governor Dinwiddie]

Dumping $3000 checks into the hands of the hoi polloi will only help the Chinese
trinket market and fuel inflation like you've never seen. There ain't no free lunch.

[Socon-Econ]

Socialists funding their voters with stolen, excuse me, “taxed,” money. A hidden curse, rather than a benefit.

[magooey]

5% per year times 20 years leaves nothing. Who is the government going to loot afterwards?

Also the $3000 payment is only for the first year. Where is that confiscated money going all the subsequent years?

[dadgum]

BINGO!!!

The wicked root of Socialism/Communism is Envy, Ingratitude, and Indolence.

[sphinx]

A five percent annual wealth tax is 50 percent in ten years. It implies a wealth cap on total assets. Which means divesting one’s business once you reach that level.

Bernie Sanders, professional grifter who has never held a real job, thinks that wealth is arbitrarily distributed, found rather than earned.

Is he really that stupid? Yes.

[SpaceBar]

The early Nazi party gained an immense amount of wealth by expropriating (stealing) the wealth of jews. It was easy since they were an ethnic minority and maligned over literally centuries, so few rushed to their cause. Bernie is relying on the fact that billionaires are a social minority, and largely maligned through the media, so confiscating their wealth should be pretty easy, and no one will come to their aid.

[Chgogal]

BTTT

[allblues]

Envy, Ingratitude and Indolence is the perfect descriptor for the current Demoncrat party.

[allblues]

Stupid and thoroughly evil, as is the rest of his demonic party.

[Adder]

A five percent annual wealth tax is 50 percent in ten years.

You will probably have fewer billionaires because of that, too.

[abb]

The US is premised upon private property accumulated by individuals through their own productive work. The notion that a thief operating under the authority of the federal government can expropriate private property is unacceptable.

Which is why the very concept of "income" taxes is abhorrent to begin with, no matter the percentage.

[central_va]

They (tech bros) give middle class jobs to imported workers on h-1b visas to cut Americans out of the prosperity equation.