Could a tax on billionaires make a dent in wealth inequality?

WBUR | By Here & Now Newsroom

Published December 10, 2025 at 12:01 PM EST

People attend a press conference and rally in support of fair taxation near the U.S. Capitol in Washington, D.C. on April 10, 2025. Tax justice advocates attended the 'Federal Fight Back Rally' to speak out against President Trump's tax cuts for the wealthy, and to urge members of Congress to intervene. (Bryan Dozier/Middle East Images/AFP via Getty Images)

Among the most hotly debated topics in economic policy these days is a wealth tax on billionaires — a levy targeting the total value of assets held by the ultra-wealthy, instead of their income.

In California, a proposed ballot measure called the 2026 Billionaire Tax Act would levy a one-time 5% tax on the net worth of about 200 billionaires. In France and the UK, similar taxes are being hotly debated.

While the advantages range from generating billions of dollars in revenue to fund health care, infrastructure and more, there are problems as well, including determining the value of assets ranging from sports teams to art.

Christina Lewellen, professor at the Poole College of Management at North Carolina State University, joins host Robin Young to discuss the pros and cons of wealth taxes.

This article was originally published on WBUR.org.