In America, we’ve never clearly defined what financial success looks like. We admire billionaires, chase endless growth, yet seldom ask the simple question: How much is enough?

Consider this: About a third of Americans cannot cover a $500 emergency, and more than 11%—nearly 38 million people—live in poverty. Meanwhile, a tiny fraction of individuals control more wealth than entire nations. This imbalance destabilizes democracy, distorts our economy, and limits human potential.

Poverty does more than deprive people of resources. A group of researchers published in Science found that financial strain consumes mental bandwidth, reducing cognitive capacity by the equivalent of losing a night’s sleep. When too much brainpower goes toward meeting basic needs like rent or groceries, long-term thinking and innovation fade, depriving society of creativity and progress.

That’s why recent moves in Washington deserve attention. Lawmakers including Sen. Ron Wyden and Rep. Steve Cohen and Rep. Don Beyer have just introduced the Billionaires Income Tax Act, a proposal to ensure the ultra-wealthy pay taxes annually on realized gains, rather than indefinitely deferring them. It’s a modest step toward asking the same question: How much is enough? Yet the debate still begins at the billion-dollar mark, when the difference between a good life and limitless accumulation starts much earlier.

Now imagine redefining “enough.” With $30 million, a household can secure every conceivable comfort: homes, education, travel, even luxuries most people never dream of. Beyond that point, wealth shifts from living well to wielding power. That power is often used to unfairly influence elections through massive campaign donations, to interfere with independent journalism by buying media outlets, and to suppress competition in markets. Defining $30 million as “enough” isn’t about punishing ambition; it’s about protecting our democracy and preserving the opportunity to dream—for everyone.

Consider how the current system rewards endless wealth preservation over participation. Many of the richest Americans use a “buy, borrow, die” strategy, which borrows against appreciated assets instead of selling them, then passing them on to their descendants tax-free. It’s perfectly legal, but it turns excessive wealth into a closed loop. Money that could strengthen communities or fund innovation instead sits idle, protected by leverage and loopholes.

While some may hope to reach $30 million someday, the reality is stark. According to the 2024 Knight Frank Wealth Report, there are about 225,000 individuals in the U.S. with net assets of $30 million or more, just 0.07% of the population. Far from expanding opportunity, this excessive wealth locks millions out of the chance to innovate and build, weakening growth for all.

The way forward is shared prosperity, not zero-sum redistribution. By shared prosperity, I mean building a society where everyone, not just those at the very top, can thrive with health, freedom, and opportunity. A simple wealth tax of 50% annually on household wealth above $30 million would not dismantle ambition. Instead, it would convert excessive wealth for the very few into opportunity for all.

If lawmakers adopted even part of this approach, the impact could be transformative. The Joint Committee on Taxation estimates that the Billionaires Income Tax Act alone could raise about $557 billion over ten years. Redirected toward the common good, that scale of funding could jump-start a permanent safety net, and prepare workers for what’s next.

This urgency is real. Research from the Gerald Huff Fund for Humanity and the National Science Foundation finds that more than 45 million U.S. jobs could be disrupted or eliminated within three years due to AI. Without structural adaptation of our economy, inequality will deepen and opportunity will shrink.

That’s where universal basic income (UBI) steps in. UBI is not radical. It’s a tool we already know how to deploy. With revenue from taxing wealth above $30 million, we could take a major step toward funding a national basic income that ensures dignity, health, and freedom. Pilots from Stockton, California to Alaska’s Permanent Fund show that cash transfers improve stability, reduce stress, and don’t discourage recipients from working.

Read more: Inside the Nation’s Largest Guaranteed Income Experiment

Some worry UBI might be too costly, but a tax on excessive wealth would move us significantly in the right direction. And the evidence from pilots is clear: Providing stability helps families, strengthens communities, and creates the conditions for growth.