People with more than $1 billion in net assets would pay a new 5% federal tax each year. The money would support rebates, health coverage, housing, child care, teacher pay, and home-based care.
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Make Billionaires Pay Their Fair Share Act is a House bill in committee. The latest recorded action: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Latest action on H.R. 7767: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who this affects: This bill mainly affects billionaires and some trusts, because they would face the new yearly wealth tax. It also affects families, older adults, people with disabilities, renters, teachers, child care workers, and states. Many benefits would flow through federal tax credits, Medicare, Medicaid, housing grants, child care plans, and education grants.
Why this matters: This bill would shift money from a very small group of extremely wealthy taxpayers into broad public benefits. It could lower costs for health care, housing, child care, and education if the tax raises enough money and the programs work as planned. It could also create major enforcement and budget challenges, especially because hard-to-price assets must be valued every year.
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