Rep. Ro Khanna (D-CA) - fresh off endorsing California's November ballot measure to seize 5% of billionaire wealth - published a Substack essay Wednesday titled, no really, "Why I Support a Billionaire Wealth Tax."He makes it roughly a dozen paragraphs before explaining that it isn't one."The tax should not stop at billionaires, it must reach centimillionaires," Khanna writes, before spelling out exactly what that means: every fortune of $50 million and up, hit with a 2% federal levy on wealth above that line - every year, forever, on top of everything else you already pay. The vehicle is Elizabeth Warren's Ultra-Millionaire Tax Act, which Khanna notes he has cosponsored every single year it's been introduced.And before anyone reaches for the estate planner: Khanna wants the levy to pierce irrevocable trusts, with the tax billed to the grantor who set them up - because parking a fortune in a trust, in his telling, shouldn't take it off the government's books.Former Microsoft executive Steven Sinofsky summed up the reveal in eight words: "Just like that, no longer a billionaires tax."Just like that, no longer a billionaires tax. https://t.co/05wt4D9WX6 pic.twitter.com/xgA0vpnK6w
— Steven Sinofsky (@stevesi) July 3, 2026Pirate Wires' Mike Solana was less diplomatic, characterizing the scheme as an annual asset seizure in which the government tallies everything you own and demands a cut on top of your existing tax bill - now openly targeting anyone worth $50 million. His prediction for where the ratchet stops: "this ends with your 401k."khanna's 'billionaire wealth tax,' which is not a tax but an asset seizure in which he tallies everything you own, then demands a percentage *on top* of what you're taxed — every single year — is already targeting anyone worth $50 million or more. this ends with your 401k. https://t.co/jt7VtK1j4w pic.twitter.com/IH9vxcBxKG
