Sanders and Khanna Propose 5% Annual Wealth Tax on US Billionaires

Senators Bernie Sanders and Ro Khanna introduced a bill imposing a 5% annual tax on net worth above $1 billion for approximately 938 US billionaires. This tax aims to fund $4.4 trillion in direct payments to middle- and lower-income Americans, highlighting a major push for progressive wealth redistribution. Observers will watch for legal challenges and political debates, especially given California's recent billionaire tax efforts and resulting wealthy exodus.