Here's your Forbes Daily Briefing for Thursday, March 5th.

Today on Forbes, Sanders and Kana push national 5% annual billionaire wealth tax.

Senator Bernie Sanders, an independent of Vermont, and Representative Roe Kana, a Democrat of California,

introduced legislation this week to impose a 5%

annual wealth tax on America's billionaires. The so-called Make Billionaires Pay for their Fair

Share Act would apply to U.S. individuals with a net worth of at least $1 billion.

An economic analysis of the bill,

produced by University of California Berkeley economists,

Emmanuel Syez, and Gabriel Zuckman,

relied on Forbes's real-time billionaire estimates of net worth

as of January 1, 26,

when 938 U.S. billionaires collectively held nearly $8.2 trillion in wealth.

The report noted that total U.S. billionaire wealth at the end of 2025 was up 132% in just six

years. Billionaire wealth has grown particularly fast in the last three years,

increasing 22% in 2025, 28% in 2024, and 20% in 2023. Over 15 years, they calculate that the

proposed wealth tax would cut the fortunes of the typical billionaire in half.

Senator Sanders, the ranking member of the Senate Committee on Health, Education, Labor,

and Pensions, and Representative Kana, say that in its first year, the bill would provide

a $3,000 direct payment to every man, woman, and child in households earning $150,000 or less.

The remaining funds would be used, quote, to address the most pressing crises facing

working families.

That would include reversing $1.1 trillion in Medicaid and Affordable Care Act cuts in the so-called

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