Ro Khanna — whose 96% out-of-district funding reveals who he actually serves — spent early 2026 pushing a federal unrealized gains tax modeled on policies that failed across Europe. By March, he and Bernie Sanders introduced the 'Make Billionaires Pay Their Fair Share Act,' a 5% annual wealth tax on paper gains, aimed squarely at the Silicon Valley district he represents while billionaires flee California in droves.
Read Top Post →Five weeks after the primary effort launched, Sanders and Khanna introduced the “Make Billionaires Pay Their Fair Share Act” — a 5% annual tax on unrealized gains targeting 938 billionaires, projected at $4.4 trillion over a decade. Khanna’s district, CA-17, is home to roughly one-third of the entire U.S. stock market by market cap. He’s now co-sponsoring legislation to tax the exact wealth creation engine his constituents built.
Mar 03, 2026 · 7 min
Former Khanna supporters launched the primary effort on January 26, citing his pivot to a federal unrealized gains tax — the same model that failed in France, Sweden, and a dozen other European countries. Private polling showed 80-90% of affected billionaires had already left or planned to leave California, representing $2-2.5 trillion in assets and ~$20B in annual state revenue. Vinod Khosla called Khanna a “commie comrade”; Max Levchin warned the tax would “decimate California’s future tax base.”
Jan 26, 2026 · 2 min
