In an era of exploding income and wealth inequality, with some billionaires paying no income tax at all, could it be time for a tax on great wealth itself?
Portlander Jonathan Tasini — former president of the National Writers Union — thinks so.
In 2024, Tasini had the broadest base of union support of any candidate for Portland City Council, but came in eighth place in his North and Northeast Portland district. Now he’s back in front of registered voters as the sole chief petitioner on a statewide ballot measure he wrote, “The Very Rich Pay Their Fair Share Act.”
If he and supporters succeed in gathering 117,173 valid signatures by July 2, Oregon voters will get to decide this November whether the state is ready to be the first to levy an ongoing tax on great fortunes. The initiative would impose a tax of 2% a year on the assets of about 4,600 Oregon taxpayers who have $30 million or more in net worth.
Technically, Oregon and all other states have a wealth tax now. But it’s only on one kind of wealth — property like land, buildings, industrial and office machinery, and inventory. Tasini’s initiative would extend taxation to the asset categories that are the basis of the great fortunes, like businesses and financial assets.
Based on figures from the Institute for Taxation and Economic Policy, Tasini thinks his 2% wealth tax could raise $2.7 billion per year.
Tasini’s isn’t the only wealth tax proposal out there. In California, the health care union SEIU-UHW last month said it has succeeded in gathering 1.5 million signatures to place a measure on the ballot that would impose a one-time 5% tax on Californians who have $1 billion or more in net worth. That’s about 200 people, and so vast is their wealth that it would raise $100 billion over five years if voters approve it this November.
And in March, Senator Bernie Sanders (I-Vermont) and U.S. Representative Ro Khanna (D-California) introduced bills in both chambers of Congress to levy a 5% annual wealth tax on America’s 938 billionaires and use the proceeds to expand Medicare to cover dental, vision, and hearing, ensure that no family pays more than 7% of their income on childcare, and send $3,000 to every man, woman, and child in households that earn under $150,000 a year. Sanders’ version of the Make Billionaires Pay Their Fair Share Act has one cosponsor, and Khanna’s has six. None are from Oregon or Washington.
Tasini filed his initiative Dec. 4, 2025, and it was approved to circulate on April 27. As of early May the measure campaign had reported $2,325 in contributions. To make it on the ballot it will need to rely on volunteers.
MORE You can read the initiative, sign it, and print out signature gathering sheets at taxtheverywealthy.com.
Let’s get this done!