“I strongly support the grassroots effort in California to impose a 5% wealth tax on 200 billionaires worth $2 trillion,” Sanders said of the tax. “This is a model that should be emulated around the country, which is why I will soon be introducing a national wealth tax on billionaires.” Yes: We need a wealth tax on billionaires. Newsom, for his part, now stumps for a federal wealth tax - one billionaires can't dodge by moving - which concedes the entire case against this one. Norway hiked its wealth tax in 2022 and promptly watched a procession of its wealthiest citizens establish residency in Switzerland.