Opinion

Progressives want to tax billionaires first, and you're next on the list

Wealth tax plans mirror how the income tax went from millionaires to hitting two-thirds of Americans

By Peter St. Onge , E.J. Antoni Fox News

Published July 24, 2026 5:00am EDT

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If you ever wished you could be counted among billionaires, your wish might come true soon if the socialists get their way. Of course, it’s not that you’ll have a billion-dollar net worth, but rather you’ll be subject to the same wealth tax that progressives say they want to foist onto billionaires.

What Russian revolutionary Leon Trotsky said of war applies to the wealth tax: you may not care about it, but it cares about you. Recently, California Democrat Rep. Ro Khanna published his own personal manifesto, "Why I Support a Billionaire Wealth Tax." But he quickly pulled the mask back even further, revealing the true targets of his tax scheme.

Khanna started arguing to tax billionaires, then halfway through the manifesto decided it should be centimillionaires — $100-million net worth. By the end, he was going after $50-millionaires. At that rate, give it a year or two, and the wealth tax will be $50 thousand, not $50 million.

NEWSOM BEGS CALIFORNIANS TO VOTE 'NO' ON BILLIONAIRE'S TAX IN FACE OF MASS........

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