In just one year, U.S. billionaires grew $1.5 trillion richer. That is the finding of a new Americans for Tax Fairness report tracking wealth gains during Trump’s first year back in office. The nation’s billionaire class now holds $8.2 trillion in total wealth, even as millions of families struggle with rising costs and economic uncertainty.

Elon Musk alone is on track to become a trillionaire by year-end, driven almost entirely by untaxed stock gains that expose just how broken the current system is.

This explosive growth exposes a fundamental failure in the tax code. Billionaires earn much of their income through rising asset values that are rarely taxed. Unlike wages, these gains can accumulate for years without triggering a tax bill. The result is a system where the richest Americans often pay lower effective tax rates than ordinary workers.

Congress does not need to invent a fix. The Billionaires Income Tax, introduced by Sen. Ron Wyden and Reps. Steve Cohen and Don Beyer, would finally tax the income that billionaires actually receive each year. It establishes a minimum tax rate of 23.8% on ALL the income of billionaires (and those non-billionaires with incomes topping $100 million), including the “unrealized gains” that are as good as money in the bank for the super-rich.

The policy is narrowly targeted. It does not raise taxes on working families or small businesses. It applies only to the very richest households. It also includes safeguards to prevent avoidance and smooth out market swings, ensuring taxes reflect real long-term income.

Without action, billionaire wealth will continue compounding untaxed while lawmakers claim there is no money for public needs.

Click “Start Writing” to tell Congress to pass the Billionaires Income Tax and finally make the ultra-wealthy pay their fair share.