Make Billionaires Pay Their Fair Share Act

Key Points

• The bill creates a 5% annual wealth tax on individuals or trusts with net assets exceeding $1 billion, indexed for inflation. Billionaires who renounce their U.S. citizenship to dodge the tax would face a punishing 60% exit tax rate. The IRS would be required to audit at least 50% of affected taxpayers each year.
• Most families would receive affordability rebate payments of $3,000 per individual ($6,000 for married couples filing jointly) plus $3,000 per dependent child. These direct cash payments are structured similarly to pandemic-era stimulus checks.
• Medicare would be expanded to cover dental, hearing, and vision services starting in 2028, with denture coverage beginning in 2027. Health insurance premium tax credits would also be permanently extended to people earning above 400% of the poverty line, with no income cap.
• Every public school teacher would be guaranteed a minimum starting salary of $60,000 per year, with pay increasing throughout their career. The federal government would provide $14.5 billion in fiscal year 2027 to help states meet this requirement, with states required to comply within 3 years.
• The bill authorizes $85.6 billion per year for 10 years for the Housing Trust Fund to build and preserve affordable homes. It also creates a new entitlement program for child care for children under age 6, where families earning up to 85% of state median income pay nothing and copays are capped at 7% of income for higher earners.
• Major investments in home and community-based services (HCBS) would give states an 8 percentage point increase in their federal Medicaid matching rate for HCBS spending. This aims to reduce wait lists and help seniors and people with disabilities receive care at home instead of in institutional settings.

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