“Let’s be clear: if the Billionaire Tax passes, none of the billionaires will actually lose money. They have been averaging a growth rate of 7 or 8 percent per year in their wealth. Thus, a 5% hit doesn’t even cut into what they have; it just slightly slows down the growth of that wealth.”

Democratic Socialists of America · said date not stated · reported 2026-11-04

DSA materials argued that billionaires' wealth growth rate of 7-8% per year means a 5% tax would only slow growth, not reduce existing wealth.