Make Billionaires Pay Their Fair Share Act

The Make Billionaires Pay Their Fair Share Act proposes a significant shift in federal tax policy by establishing a 5% annual wealth tax on individuals with a net worth of $1 billion or more. Unlike traditional income taxes that apply to yearly earnings, this tax would apply to the total value of a taxpayer's assets. The bill aims to generate trillions of dollars in revenue over a decade specifically from the wealthiest Americans, while ensuring that no individual with a net worth under $1 billion would see a tax increase.

If enacted, the revenue would be used to fund a variety of public benefits and direct financial assistance. In its first year, the bill proposes a one-time $3,000 direct payment to every person in households earning $150,000 or less, which could total $12,000 for a family of four. Additionally, the legislation seeks to expand Medicare to include dental, vision, and hearing coverage, and it aims to lower childcare costs so that no family pays more than 7% of their income for such services.

The bill also includes provisions to address housing and education. It proposes funding to build and preserve millions of affordable housing units and aims to establish a $60,000 minimum annual salary for public school teachers nationwide. Furthermore, the legislation would increase funding for home-based long-term care for seniors and people with disabilities and would strengthen IRS enforcement and audit requirements for the ultra-wealthy.