Washington DC - Senator Bernie Sanders and Representative Ro Khanna have teamed up to introduce legislation aiming to make billionaires pay their fair share in taxes.

"At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1%," Sanders said in a statement.

"We can no longer tolerate a corrupt tax code that enables billionaires to pay a lower tax rate than the average worker," the Vermont independent added.

Introduced on Monday, the Make Billionaires Pay Their Fair Share Act would establish a 5% annual wealth tax on the 938 billionaires in America.

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According to a fact sheet, this would mean Meta CEO Mark Zuckerberg, worth $220 billion, would owe $11 billion in taxes, while Amazon founder and executive chairman Jeff Bezos, worth $218 billion, would owe around $11 billion.

Tesla and SpaceX CEO Elon Musk, now worth $833 billion, would owe $42 billion.

As things stand, Musk is currently wealthier than the bottom 53% of American households combined.

An economic analysis by UC Berkeley professors Emmanuel Saez and Gabriel Zucman found the legislation would raise an estimated $4.4 trillion in revenue over the next decade.

Sanders and Khanna's bill says those revenues would go toward the following:

• Providing a $3,000 direct payment to every member of a household (including children) making $150,000 or less
  
• Reversing Medicaid and Affordable Care Act cuts in Donald Trump's so-called "One Big Beautiful Bill Act"
• Expanding Medicare to cover dental, vision, and hearing
  
• Guaranteeing no family spends more than 7% of their income on childcare
  
• Establishing a $60,000 minimum annual salary for every public school teacher
  
• Expanding Medicaid home health care for seniors and people with disabilities

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Khanna said, "We have a deep economic divide in this country. On one side, places like Silicon Valley are generating extreme wealth. On the other side, families are struggling to cover the cost of health care, housing, and basic needs."

"We can tax billionaires a modest amount to make sure everyone has a fair chance while keeping our innovative engine," insisted the California Democrat.