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Congress·In Committee·S. 3956

Sen. Sanders Proposes 5% Wealth Tax on Billionaires to Fund Child Care and $60,000 Teacher Salaries

Make Billionaires Pay Their Fair Share Act

18 days ago·View on Congress.gov

Legislative Progress

Senate
House
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Law

Key Points

  • The bill creates a new 5% annual wealth tax on individuals and trusts with net assets exceeding $1 billion, with a punitive 60% rate for billionaires who renounce their citizenship. The IRS must audit at least 50% of affected taxpayers each year and receives dedicated enforcement funding.

    From policy text

    “there is hereby imposed a tax computed equal to 5 percent of the net value of assets held by the taxpayer for the calendar year”
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  • Most Americans would receive affordability rebates of $3,000 per individual ($6,000 for married couples), plus $3,000 per dependent, modeled on the COVID-era stimulus payment framework.

    From policy text

    “the term `affordability rebate amount' means, with respect to any taxpayer for any taxable year, the sum of-- ``(1) $3,000 ($6,000 in the case of a joint return), plus ``(2) $3,000 multiplied by the number of dependents of the taxpayer for such taxable year”
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  • Medicare would be expanded to cover dental, hearing, and vision services starting in 2027-2028. Dental coverage includes exams, cleanings, fillings, crowns, root canals, and dentures, while hearing coverage includes hearing aids for people with moderate-to-profound hearing loss, and vision coverage includes routine eye exams and eyeglasses.

    From policy text

    “dental and oral health services (as defined in subsection (ooo))”
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  • The bill establishes a $60,000 minimum annual salary for all public school teachers, with $14.5 billion in initial federal funding for states and annual inflation adjustments. Salaries must increase throughout a teacher's career.

    From policy text

    “includes a starting annual base salary of not less than $60,000”
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  • A new entitlement program provides affordable child care for children under age 6, with families earning up to 85% of state median income paying nothing and the highest-income eligible families capped at 7% of income. The federal government covers 90% of direct service costs.

    From policy text

    “of not more than 85 percent of State median income for a family of the same size, the family shall not pay a copayment, toward the cost of the child care involved for all eligible children in the family”
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  • The bill authorizes $85.6 billion per year for the Housing Trust Fund over ten years and increases the federal Medicaid match for states expanding home and community-based services for seniors and people with disabilities.

    From policy text

    “There is authorized to be appropriated to the Housing Trust Fund $85,647,000,000 for each of fiscal years 2026 through 2035.”
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TaxesHealthcareEducationHousingLabor Employment

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Mar 2, 2026Senate

Read twice and referred to the Committee on Finance.

Mar 2, 2026

Introduced in Senate

Source Information

Document Type

Congressional Bill

Official Title

Make Billionaires Pay Their Fair Share Act

Bill NumberS 3956
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Finance.

Sponsor

Analysis generated by AI. Always verify with official sources.