The Make Billionaires Pay Their Fair Share Act establishes a 5% annual wealth tax on individuals and trusts holding over $1 billion in assets, with the IRS required to audit at least 50% of wealth tax filers annually and receive funding equal to 1% of collected revenues for enforcement. The bill uses revenues from this wealth tax to fund major expansions in Medicare coverage (adding dental, hearing, and vision care starting in 2028, funded with $1.77 billion through 2035), affordable child care and early learning services for children under age 6 whose family income doesn't exceed 250% of state median income (with $20 billion in initial funding), increased teacher salaries with a $60,000 minimum for first-year teachers and annual inflation adjustments, affordable housing through an $85.6 billion annual authorization for a Housing Trust Fund from 2026-2035, and home and community-based services improvements for elderly and disabled individuals through enhanced Medicaid funding. The bill primarily affects billionaires and ultra-wealthy individuals through the new wealth tax, while expanding federal benefits for working families, teachers, Medicare beneficiaries, and states implementing long-term care improvements, with most provisions beginning implementation between 2026 and 2028.
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