Public support for wealth taxes and related reforms is growing, with polls showing bipartisan backing for limits on wealth and for a wealth tax.

A wealth tax is proposed as a powerful tool to curb billionaire concentration of wealth and influence, including ideas like a 5% annual tax on billionaires that could raise trillions over a decade.

Billionaires are increasingly intertwined with political power through massive campaign donations, ownership stakes in media and tech, and influence over or appointments in government, a dynamic intensified in the Trump era.

The author argues for building a broad, cross‑party movement to push for reforms, including the possibility of a constitutional amendment to overturn Citizens United.

Historical parallels are drawn to FDR-era reform and proposals by Bernie Sanders and Ro Khanna, proposing a transformative approach to reduce the concentration of wealth and political power.

Wealth concentration is rising, with the richest 1% amassing a growing share of wealth and the top 0.1% holding about 14.4%, while the bottom half holds a far smaller portion.

The piece argues that a new Gilded Age has given billionaires outsized influence over elections, policy, and media, threatening democracy and economic fairness.

Three main strategies to curb power are proposed: overturn Citizens United (or pass a constitutional amendment) to curb dark money; require full disclosure of political donations; adopt public financing to amplify ordinary voters’ influence.

Billionaire political spending surged after Citizens United, with 2024 donations totaling billions, largely benefiting Republicans, and several donors contributing more than $100 million each.

Examples cited include billionaires attending Trump’s inauguration, ownership of media outlets, and tech and crypto magnates shaping policy and public discourse.