
ALT Bernie Sanders is campaigning for a 5% wealth tax on billionaires in California and nationwide. The proposal counts net worth, including the paper value of company stakes, not cash in hand. The tax does not stay at the top. Once the largest valuations are reduced or the owners leave, the same logic applies to the next tier. A worker who owns a house, a retirement account, or a stake in the company that employs him becomes “the rich” under the expanded definition. The revenue target remains. The base of people who meet the threshold grows. Sanders’ posts treat the current concentration of wealth as the problem and the tax as the fix. They do not address what happens when the largest payers have sold shares, moved, or stopped expanding. The productive assets that generated the valuations are smaller. The transfer still has to be funded. Ordinary savers and homeowners are next in line.

























