Contact Congress about S. 3956: Make Billionaires Pay Their Fair Share Act

People with more than $1 billion in net assets would pay a new yearly federal wealth tax. The bill would use the money to expand rebates, health benefits, housing, child care, teacher pay, and home care services.

Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

Make Billionaires Pay Their Fair Share Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.

Latest action on S. 3956: Read twice and referred to the Committee on Finance.

Who this affects: This bill mainly affects people and certain trusts with more than $1 billion in net assets. They would owe a new yearly wealth tax and face more reporting and audits. It could also affect Medicare enrollees, families who qualify for rebates or child care help, public school teachers, people who need home care through Medicaid, and states that choose to run or expand the covered programs.

Why this matters: This bill matters because it would shift more federal tax burden onto billionaires and use the money for broad public benefits. It would change how the IRS tracks wealth, especially assets that are hard to value. It could lower costs for health care, child care, housing, and everyday needs. The results would depend on enforcement, future funding, state participation, and how agencies write the rules.

Key provisions in S. 3956

• People and certain trusts with more than $1 billion in net assets would pay a new 5% federal wealth tax each year. The $1 billion line would rise with inflation.
• The IRS would have to build a national wealth registry for many types of assets. It would also expand outside reporting on asset values and audit at least half of wealth-tax payers each year.
• Taxpayers could not use the new wealth tax to lower their income taxes. The bill bars them from deducting it.
• Covered expatriates would face a much higher tax if they give up U.S. status. In that year, the wealth tax rate would be 60%.
• The bill would turn the existing recovery rebate system into 2026 affordability rebates. The amounts would be $3,000 per adult, $6,000 for joint filers, and $3,000 per dependent, with updated income phase-out rules.

How Modern Action helps you take action on S. 3956

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 3956

What is S. 3956?

People with more than $1 billion in net assets would pay a new yearly federal wealth tax. The bill would use the money to expand rebates, health benefits, housing, child care, teacher pay, and home care services.

How do I support or oppose S. 3956?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 3956?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 3956 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.