Billionaires are accumulating wealth at a pace that is reshaping the entire economy.

In just one year, U.S. billionaires added $1.5 trillion to their fortunes, pushing their total wealth beyond $8 trillion. That level of growth reflects a system that consistently allows extreme wealth to expand while working families face rising costs and increasing financial pressure.

Under current law, billionaires can accumulate enormous fortunes through asset growth without paying taxes on those gains, allowing wealth to compound year after year outside the tax system.

That dynamic has driven wealth concentration to historic levels. Today, the richest 0.1% hold nearly as much wealth as the bottom 90% combined. As that gap grows, so does the imbalance of economic and political power, shaping decisions that affect the cost of living, access to opportunity, and the strength of public investments.

The Ultra-Millionaire Tax Act, introduced by Sen. Elizabeth Warren and Rep. Pramila Jayapal, would apply a small annual tax on extreme wealth, affecting only the wealthiest 0.15% of households. It is a targeted approach designed to address the scale of wealth accumulation at the very top.

This proposal would generate $6.2 trillion in new revenue over the next decade, providing the resources needed to lower costs for working people and strengthen the economy. That revenue can expand access to childcare, housing, healthcare, and education while easing financial pressure on working people.

A majority of voters understand that the wealthiest Americans should contribute more and that the current system is out of balance. We are working to turn that support into action by building a nationwide base of grassroots co-signers who are demanding Congress move this legislation forward.