The article argues that taxing the ultra-wealthy could help protect the planet, citing the Patriotic Millionaires, a group of more than 200 high-net-worth Americans lobbying Congress to raise their own taxes. It disputes the claim that the top 1% pay about 40% of tax revenue, since that figure covers only federal income taxes and ignores payroll, state and local taxes; the Congressional Research Service estimates about 63% of filers pay more in payroll taxes than federal income taxes. It highlights California’s 2026 Billionaire Tax Act, a one-time 5% levy on billionaire wealth spread over five years that could raise about $100 billion. The writer notes California’s roughly 250 billionaire households paid on average just 0.26% of their wealth annually in state income taxes from 2019 to 2025.
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Related news
- The rich are getting richer , so why no wealth tax ?
Although the wealth of the rich has surged worldwide, the number of countries levying an annual net wealth tax has shrunk, from 12 European countries in 1990 to only Norway, Spain and Switzerland. France scrapped its wealth tax in 2018 over fears of capital flight, replacing it with a tax on worldwide real estate assets above €1.3 million. An ESRI report finds Irish household wealth reached €927 billion in 2023, about two-and-a-half times higher than a decade earlier and mostly held in family homes, with the top 10% controlling close to 50% of wealth. Asset-related taxes in Ireland still raise less than €6 billion in 2025, out of more than €105 billion in total tax revenue. The report finds a wealth tax would raise significant sums only with a wide base including businesses, farms and homes: at a €500,000 threshold and 1% rate, a narrow base of financial assets would raise under €450 million a year, versus close to €3 billion for all assets.
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