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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    billionaires

    California Billionaire Tax Act supporters

    Failing 'Moral Test,' Newsom Rejects Compromise 2% Wealth Tax on California Billionaires

    "I want a Democratic party that will stand for the working class," said Rep. Ro Khanna, a supporter of taxing billionaire wealth. "Whose side are you on?"

    Jake Johnson
    Jun 19, 2026

    California Gov. Gavin Newsom on Thursday refused to budge from his opposition to a proposed wealth tax on the Golden State's billionaires, swiftly dismissing a union-led coalition's effort to compromise by reducing its desired 5% rate by more than half.

    In a letter to Newsom on Thursday, the Billionaire Tax Now coalition urged the governor and likely 2028 presidential candidate to support a "2% wealth tax on the state’s richest 200 billionaires." The coalition's demand came hours after organizers announced that they had collected enough signatures to get their proposed one-time, 5% tax on billionaire wealth on California's ballot in November.

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    california billionaires tax
    Volkswagen workers

    Winning Back the Working Class: To What, Exactly?

    The working class deserves its own political organization, independent of the Democratic Party, in order to win back its rightful place in our political system.

    Les Leopold
    Jun 17, 2026

    I recently attended a webinar sponsored by the Working Families Party, entitled Winning Back the Working Class. Everyone attending seemed to share the view that the working class has drifted away from the Democratic Party and that Democrats must change their messaging in order to win these voters back and prevail against MAGA Republicans.

    The presenters provided sophisticated polling analyses, looking closely at the issues that matter most to working-class voters and what turns them off about the Democratic Party. The bottom line was that the Democrats needed to put forward a strong, progressive economic-populist agenda.

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    Opinion
    working class
    SpaceX

    Supercharged by Trump-GOP Tax Cuts, US Billionaire Wealth Surges Past $9 Trillion for First Time

    "This broken political and economic system takes from the vast majority of Americans and consolidates wealth in the hands of a privileged few. It cannot stand."

    Jake Johnson
    Jun 16, 2026

    The collective wealth of US billionaires reached a record $9.24 trillion this month—an increase of around $2.2 trillion compared to the same time last year—while millions of Americans struggled to afford groceries, healthcare, and other basic necessities as inflation driven by President Donald Trump's illegal Iran war eroded their wages.

    Americans for Tax Fairness (ATF) published an analysis Tuesday detailing the explosion of billionaire wealth and noting that "over the last 12 months, US GDP (unadjusted for inflation) rose just 6%, meaning this wealth expansion is not trickling down to broad-based prosperity." AFT's billionaire wealth total includes the net worth of Elon Musk, who reached trillionaire status last week with the public debut of his rocket company, SpaceX.

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    billionaires

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