But the easiest way to give average Americans more political power vis-à-vis billionaires would be to enact more public financing laws. Support for a wealth tax is growing rapidly – it could be a highly effective tool to reduce billionaires’ economic power and perhaps their political power, too. Early this month, Bernie Sanders and Ro Khanna, a House member from California, proposed a 5% annual wealth tax on billionaires. Similarly, a powerful healthcare union in California is pushing for a state ballot initiative to enact a one-time, 5% wealth tax on billionaires. According to the Harris Poll’s annual Americans and Billionaires Survey, conducted last November, 53% of Americans believe billionaires threaten our democracy.

Source: The Guardian March 15, 2026 21:31 UTC