Make Billionaires Pay Their Fair Share Act

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.
• 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.
• 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.
• 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.
• 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.
• 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.

Votes

No votes have been recorded for this legislation yet.

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