Make Billionaires Pay Their Fair Share Act
Rep. Khanna Proposes 5% Wealth Tax and $60,000 Teacher Salaries in the Make Billionaires Pay Their Fair Share Act
This bill was recently introduced in the House and is currently being reviewed by several committees. It is in the early stages of the legislative process and is not yet scheduled for a vote. The bill is actively moving through the initial committee review phase.
Legislative Progress
This bill faces strong opposition because it creates a brand new type of tax on wealth that many lawmakers believe is unconstitutional. It also costs a lot of money, which makes it hard to get enough votes to pass.
Key Points
Impact Analysis
Personal Impact
Life & Work
Billionaire business owners would face the new 5% annual wealth tax on their total net assets, including shares in closely held businesses. The bill requires reporting on the value of applicable privately held businesses and establishes a wealth registry. This could force some owners to liquidate business holdings to pay the tax, potentially affecting business operations.
“the term `applicable taxpayer' means any individual or trust if the net value of all assets held by the taxpayer for the calendar year exceeds $1,000,000,000”
Programs
Disabilities
Milestones
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Make Billionaires Pay Their Fair Share Act
Data Sources
Sponsor
Cosponsors
(5)Analysis generated by AI. Always verify with official sources.