Rep. Ro Khanna (D-Calif.) is making a big ask: tax the ultra-rich to fund a sweeping social agenda. In a post on X Thursday, Khanna argued that the concentration of wealth among U.S. billionaires has reached levels not seen since the Gilded Age, and he's proposing a wealth tax to address it.

Khanna's post highlighted that about 900 billionaires are worth 22% of U.S. GDP. He argues that taxing their wealth could raise $4 trillion over 10 years. He also discussed the proposal in an NPR interview with Steve Inskeep published Thursday.

In a video accompanying his X post, Khanna said, "That is three times the wealth concentration of the Gilded Age. We're in a second Gilded Age." He also noted that 19 billionaires, including some in his district, account for 12% of GDP.

So what would $4 trillion buy? Khanna has a list: free childcare, free public college and trade schools, and a large industrial investment bank. He also wants to create 1,000 new trade schools and extend Medicare coverage to people starting at age 50. He estimates that extending Medicare to 50 would cost about $180 billion annually.

Wealth Tax Debate

Khanna's comments come as Democrats continue to debate wealth taxes and how additional revenue could be used for social programs. Earlier this month, California Democrats endorsed a November ballot measure proposing a one-time 5% tax on billionaire wealth. The measure is intended to help fund healthcare, food aid, and budget gaps. Khanna had previously given limited backing to the proposal.

Khanna has also recently criticized billionaire tax breaks as a drag on working-class Americans. During a Fox News interview, he said, "What's stealing from working class Americans is these tax breaks to billionaires. They don't need the tax breaks."

Sen. Elizabeth Warren (D-Mass.) also renewed her call for an ultra-millionaire wealth tax earlier this month. Her proposal calls for a 2% annual tax on household wealth above $50 million and a 3% tax on wealth above $1 billion, with revenue directed toward childcare and early education.

Economic Agenda

The NPR interview also covered Khanna's economic policy ideas inspired by FDR's New Deal, his view that Democrats should nominate a progressive presidential candidate, and his response to criticism that his views are too far left.

"I'm for Medicare for all, free universal healthcare," Khanna said.

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