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 Senate has an opportunity to make this a truly historic piece of legislation," Sanders said in a statement after the House passed Biden's plan.
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.
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.
American billionaires' wealth grew 70% this year. These data comes as Democrats debate tax hikes for the rich to pay for childcare and paid leave.
"Millionaires and billionaires are paying a lower tax rate than teachers and firefighters," President Joe Biden said on Twitter.
Many Americans "don't trust the government or its ability to improve their lives, and it's not hard to see why," Heather Boushey wrote in the NYT.
The White House found that billionaires pay on average just 8% in income tax - much less than the average American's tax rate of 14%.
The world now has over 3,000 billionaires, and their collective wealth went up in 2020. Some argue a wealth tax could help level the playing field.
Even with a one-time 99% tax, billionaires would still be $55 billion richer, according to a new report from Oxfam and other inequality groups.
If Warren's proposed wealth tax was law, Bezos would have paid $5.7 billion in taxes in 2020, according to an ATF/IPS analysis.
In an essay in the Atlantic, Disney writes of the hold of wealth: "The more you have, the more you need."
You may have heard Joe Biden wants to tax the wealthy. He does, but he wouldn't do it with an outright wealth tax. Here's the difference - and why.
Of the 100 firms in the S&P 500 with the lowest median wages, 51 boosted CEO pay by 29% on average while cutting the typical worker's pay by 2%.