The tax would have hit 700 billionaires like Elon Musk and Jeff Bezos, compelling them to pay a chunk of their wealth to the federal government.
The bottom 50% of the world holds 2% of wealth, while the top 10% holds 76%, according to a huge data set that leading economists compiled for years.
The Tesla CEO has already saved $500 million by moving his life and business out of the state with the most taxes on the wealthy, Bloomberg estimates.
Congress should tax the personal loans that wealthy Americans take out to avoid paying taxes on their wealth.
Efforts to tax billionaires are on life support in the Senate and have even faced resistance from top Democrats like House Speaker Nancy Pelosi.
Democrats want to tax billionaires on how much their stocks go up, and Musk and some other billionaires don't want that. Now there's a dollar figure.
Signatory Morris Pearl said there's a fear rich people might "go on strike" if taxes go up, but the millionaires know it's in their best interest.
Democrats' idea of a billionaires' tax is "baloney," according to Leon Cooperman. He suggests closing loopholes and raising the income tax instead.
Democrats are targeting 700 or so billionaires and economist Gabriel Zucman has calculated what the US - and the world's - richest would pay.
Tesla CEO Elon Musk would owe up to $50 billion in taxes under the Democratic plan. Amazon founder Jeff Bezos faces $44 billion in taxes.
Democrats' plan would tax the kind of on-paper capital gains that Musk, the world's richest person, made as Tesla hit a $1 trillion market value.
The group includes Mark Cuban, George Soros, Ray Dalio, Abigail Disney, members of the Pritzker and Gund families, and a Facebook cofounder.
Democrats are floating a "billionaires' tax" to fund their social spending bill that would include measures like affordable child care and paid leave.
Democrats are eyeing alternatives after Kyrsten Sinema quashed an increased corporate tax rate. She and Manchin are huge influences over the plan.
Democrats are eyeing targeted taxes on billionaires to pay for their safety net expansion. They're rushing to wrap up talks with Manchin and Sinema.
One of the plans on the table could go after the massive wealth gains billionaires have made in the stock market.
When billionaires were viewed as a group, a study's participants were more likely to be supportive of redistribution measures, such as higher taxes.