Taxing billionaires isn't "necessary to raise enough tax revenue." Total personal income in the U.S. is 26 trillion annually: https://tradingeconomics.com/united-states/personal-income. For the most part, that's real money that reflects goods and services in the real economy.

The increase in wealth of billionaires in 2025 was $1.5 trillion: https://americansfortaxfairness.org/billionaires-1-5-trillio... Most of that isn't even real money--it's people betting on AI. (As an aside, is the government going to give huge tax refunds when the AI bubble bursts and all that "wealth" disappears?)

If the U.S. just taxed people the way they do in Germany we could raise trillions in revenue without resorting to tricks like one-time wealth taxes. The focus is on billionaires because Americans want a German-style welfare state without German-style taxes on the middle and upper middle class.