From California to France to the G20, “tax the billionaires” is shifting from slogan to concrete proposal. Beyond the revenue it would raise, it draws a sharp line between those who profit from crisis and everyone else. As the far right turns economic insecurity into a politics of scarcity and division, the billionaire enemy could become the foundation for a different political “we.” But only targeting a handful of people at the top risks leaving broader inequalities untouched.