Billionaire fortunes have reached all-time highs under Trump. So has the movement to tax them

The Guardian US News
by Lex McMenamin
April 3, 2026
3 min read

Quick Insights

The Bottom Line

Billionaire wealth has hit record levels during Trump's presidency, sparking ballot initiatives in 10 states for wealth taxes.

AI Summary

Billionaire wealth has reached record levels during Trump's presidency, prompting grassroots movements in at least 10 states to pursue wealth taxes on the ultra-rich. In California, volunteers like Karen Sanchez are collecting signatures for a November ballot measure that would impose a one-time 5% wealth tax on the state's 200-plus billionaires to fund hospitals, schools, and social services amid federal funding losses. The proposal, sponsored by SEIU – United Healthcare Workers West, reflects growing public appetite for redistributing concentrated wealth to address gaps in public services. Supporters report strong voter enthusiasm for the initiative, suggesting momentum behind wealth-taxation efforts that have gained traction in multiple states simultaneously. The convergence of record-high billionaire fortunes and organized tax campaigns underscores a sharpening political divide over wealth concentration and funding for essential services.

What's Being Done

California is collecting signatures for a November ballot measure proposing a one-time 5% wealth tax on the state's 200-plus billionaires to fund hospitals and schools.

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