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California proposes a one-time 5% tax on billionaires; federal bill aims for annual 5% wealth tax to raise $4.4 trillion.
A proposed 2026 California billionaire tax would impose a one-time 5% levy on residents with $1 billion or more in net worth as of December 31, 2026, requiring nearly 875,000 signatures to qualify for the ballot.
Meanwhile, Sen. Bernie Sanders and Rep. Ro Khanna introduced federal legislation proposing a 5% annual wealth tax on billionaires, projected to raise $4.4 trillion over ten years to fund direct payments, expanded Medicare, teacher pay raises, and affordable housing.
The measures face legal and political hurdles, with critics warning of economic risks and tax avoidance, while supporters frame them as responses to extreme wealth concentration.
California propone un impuesto de una sola vez del 5% a los multimillonarios; el proyecto de ley federal apunta a un impuesto anual del 5% a la riqueza para recaudar $4.4 billones.