This is 1A. I'm Todd's Willick.

Jen is in Madrid this week, reporting from Bloomberg City Lab.

For this week's If You Can Keep It, our series on politics and how it's affecting the health of our democracy, we're looking at America's

wealth gap. It's now grown to its widest point in three decades, and it looks set to grow even

wider. In the past 60 years, the top 1% of families saw their wealth increase by more than

seven times. That's according to the Urban Institute. Now, a growing number of states

are looking at implementing a wealth tax to fund social services. These billionaires are going to

learn that we are still living in a democratic society where the people have some power.

That's Senator Bernie Sanders in California in February rallying for a billionaire tax being

proposed in that state. Sanders is an independent who caucuses with Democrats in the Senate.

California is considering putting a billionaire tax on its ballot in November.

And this month, New York City's Democratic socialist mayor, Zoran Mondani,

and Democratic governor of New York, Kathy Hokel, introduced a proposed tax on luxury second

homes in New York City. Here's Mom Dani promoting his tax plan in a recent video.

Today, we're taxing the way. I'm thrilled to announce we secured a pietere tax, the first in New York's history.

This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city.

Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million.

Now, in March, Washington State passed its first ever income tax, and it's already

facing legal challenges there. In Washington, D.C., despite years of attempts from Democrats,

Congress has shown no appetite to raise taxes, even on the ultra-rich. I'm Todd's Willick. You're

listening to the 1A podcast for this installment of

If You Can Keep It, how tax codes are contributing to growing inequality in the country, how to fix it,

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