Sanders and Khanna Introduce 5% Wealth Tax to Fund Teacher Raises and Direct Payments

Make Billionaires Pay Their Fair Share Act·Latest event April 1, 2026

Mar 2

Sanders and Khanna Introduce 5% Wealth Tax to Fund Teacher Raises and Direct Payments

Senator Bernie Sanders and Representative Ro Khanna introduced the Make Billionaires Pay Their Fair Share Act. The bill proposes a 5% annual wealth tax on individuals with more than $1 billion in assets. This tax is expected to raise $4.4 trillion over ten years. The government would use the money to fund a $60,000 minimum salary for teachers and provide $3,000 direct payments to American families. To ensure compliance, the IRS would be required to audit half of all billionaires every year. The bill also creates a 60% exit tax for billionaires who try to leave the country to avoid the tax. While proponents push for the new tax to reduce inequality, some legal experts claim the proposal violates the Constitution.

H.R. 7767Rep. Khanna Proposes 5% Wealth Tax and $60,000 Teacher Salaries in the Make Billionaires Pay Their Fair Share ActSanders pitches $4.4 trillion tax on billionaires, in 2028 markerBernie Sanders is unveiling a 5% billionaire wealth tax that would fund $3,000 checks for AmericansBernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires

Apr 9

Sanders Adds Co-Sponsors to Billionaire Wealth Tax Bill Proposing $3,000 Direct Payments

The Make Billionaires Pay Their Fair Share Act is currently under review by the Senate Committee on Finance while supporters recruit additional co-sponsors to the proposal. The legislation aims to redistribute wealth by funding a $60,000 minimum teacher salary and $3,000 family payments through a new 5% annual tax on individuals with over $1 billion in assets.

Mar 21

Senator Bernie Sanders slams tax code as billionaires pay lower rates than average workers

Senator Bernie Sanders publicly criticized the current tax code, arguing that billionaires and major corporations often pay lower effective rates than average workers.

We can no longer tolerate a rigged tax code that enables billionaires to pay a lower effective tax rate than the average worker & corporations like Tesla & Palantir to pay ZERO in federal income taxes while making billions in profits. Yes. The wealthy must pay their fair share.

Mar 15

Congressional Sponsors for $3,000 Direct Payment Provision Grow as Progressive Momentum Builds

The list of congressional sponsors for the $3,000 direct payment provision grew as the proposal gained momentum among progressives.

Plan for $3,000 direct payments to Americans gets boost: List of sponsors

Mar 10

Conservative critics label proposed 5% Senate wealth tax as wealth confiscation

Conservative critics labeled the proposed 5% wealth tax as wealth confiscation following its introduction in the Senate.

Progressives Give Wealth Confiscation Another Go | National Review

The Facts

Key Statements

NNewsweek

“proposing $3,000 direct payments funded by a new annual wealth tax on billionaires.”

Confirms the specific cash benefit proposed for citizens.

NNational Review

“Senators Bernie Sanders and Elizabeth Warren reintroduce wealth tax proposals, including a 5% annual tax on billionaires' net worth.”

Identifies the lead sponsors and the specific tax rate.

Policies

These are companion bills introduced by Senator Sanders and Representative Khanna to move the same policy through both chambers of Congress at the same time.

Rep. Khanna Proposes 5% Wealth Tax and $60,000 Teacher Salaries in the Make Billionaires Pay Their Fair Share Act

H.R. 7767

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

S. 3956

News

Progressives Give Wealth Confiscation Another Go | National Review

National ReviewRight

Plan for $3,000 direct payments to Americans gets boost: List of sponsors

NewsweekCenter

JONATHAN TURLEY: Sanders' wealth tax dangles checks while torching the Constitution

news_articleRight

Sanders And Khanna Push National 5% Annual Billionaire Wealth Tax

news_articleCenter

Bernie Sanders and Ro Khanna propose bill to impose wealth tax on billionaires

news_articleCenter Left

Bernie Sanders is unveiling a 5% billionaire wealth tax that would fund $3,000 checks for Americans

news_articleCenter

Analysis generated by AI. Always verify with official sources.