Elon Musk just became the world’s first trillionaire after SpaceX’s IPO. That milestone should be a wake-up call for Congress and the entire country.

No democracy can thrive when one person can accumulate a trillion-dollar fortune while working families struggle to afford housing, healthcare, childcare, and food. This level of wealth concentration is the direct result of a rigged tax system that lets billionaires grow their fortunes through stock gains and private assets while paying far less than their fair share.

Congress already has multiple bills ready to address runaway billionaire wealth.

The Ultra-Millionaire Tax Act, introduced by Sen. Elizabeth Warren and Rep. Pramila Jayapal, would apply a small annual tax to fortunes above $50 million. It would affect only the wealthiest 0.15% of households and raise about $6.2 trillion over 10 years, without raising taxes on the 99.85% of households below the $50 million threshold.

The Make Billionaires Pay Their Fair Share Act, introduced by Sen. Bernie Sanders and Rep. Ro Khanna, would place a 5% annual wealth tax on billionaires and raise an estimated $4.4 trillion over the next decade. That revenue could be invested in working families through affordable housing, childcare, expanded Medicare benefits, higher teacher pay, and other urgent needs.

The Billionaires Income Tax, introduced by Sen. Ron Wyden and Reps. Don Beyer and Steve Cohen would help end the billionaire tax scam by taxing wealth gains as they occur. It would apply only to taxpayers with more than $1 billion in assets or more than $100 million in annual income for three consecutive years, fewer than 1,000 taxpayers.

These bills offer different paths toward the same goal, unrigging the tax code and making ultra-millionaires, billionaires, and trillionaires pay their fair share.

The ultra-rich have had decades of loopholes, lobbyists, and special treatment. Working people deserve a tax system that funds housing, healthcare, education, childcare, climate action, and the public investments our communities need.

Tell Congress to support and pass legislation that taxes extreme wealth and makes billionaires and trillionaires pay their fair share.