U.S. Rep. Ro Khanna of California posted on X, stating that 250 billionaires own half of the state’s GDP and that taxing them at 2% would save healthcare for millions. He described the proposal as a moral test for the Democratic Party on whether it stands for the working class or protects money in politics and ended by asking, “Whose side are you on?” The post, which also dismissed concerns about capital flight, has drawn significant online reactions from users questioning government spending and the need for additional taxes.
The post links to a May 2026 New York Times opinion piece by economists Emmanuel Saez and Gabriel Zucman. It points out that roughly 250 billionaire households in California hold wealth worth more than half of the state’s annual economic output. The authors argue for a one-time 5% wealth tax that could raise nearly $100 billion over five years to help fill healthcare and other budget gaps caused by federal changes.
Khanna’s post draws on the article’s data and analysis but uses a 2% tax figure and adds explicit political framing about party priorities and donor influence. The wealth and GDP figures referenced in the post originate from the economists’ analysis in the linked piece.
How Californians Are Reacting to the Wealth Tax Debate
Several commenters focused on government spending priorities, with one writing, “Start using the money wisely and no need to tax ANYONE more. Stop asking for money until you guys figure out how to spend it correctly.”
Another stated, “Get rid of fraud and abuse of taxpayer money before asking for more taxes,” citing examples such as Medi-Cal, food stamps, the high-speed rail, and homeless programs.
Other users questioned the underlying claims or future implications, including one who said, “Your statement makes no sense. The billionaires don’t ‘own’ half the GDP. Their wealth is approximately equivalent to half the GDP, which is completely different.”
A separate commenter added, “2% from billionaires today. 10% from the middle class next year. We’re not stupid, Ro.”
Additional replies emphasized opposition on principle, with one writing, “I’m on the side of freedom; you seem to be opposed to that,” and another asking, “Absolutely not. Why are you demanding even more from taxpayers when you’ve proven yourselves incapable of managing what you already steal from us?”
Khanna’s comments have added fuel to an already heated debate over how California should fund healthcare and who should bear the cost. With future proposals still on the table, the conversation is far from over.
