Make Billionaires Pay Their Fair Share Act
Sponsored By: Representative Rep. Khanna, Ro [D-CA-17]
Introduced
Summary
This bill would impose an annual 5% wealth tax on individuals and trusts with $1 billion or more in net assets and use that revenue to fund wide-ranging expansions in health, child care, housing, and education. It also would remake the Affordable Care Act premium tax credit, create a universal birth-to-five child care entitlement, and extend Medicare to cover dental, hearing, and vision services.
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Bill Overview
Analyzed Economic Effects
8 provisions identified: 7 benefits, 1 costs, 0 mixed.
Expanded Medicare vision, dental, hearing
If enacted, Medicare Part B would add routine vision exams and one pair of conventional eyeglasses every two years starting Jan 1, 2028, cover dental and oral health services (most dental services starting Jan 1, 2028; dentures Jan 1, 2027), and add audiology and hearing-aid exam services starting Jan 1, 2028 with hearing aids covered for certain severe hearing loss. The bill sets payment rules, limits on utilization, and directs competitive buying for eyeglasses and hearing aids by set dates. The bill also phases in a lower Part B premium rate for 2027–2031 and provides implementation funding ($500M, $900M, $370M) to help roll out these benefits.
More federal support for home care
If enacted, States that meet new HCBS improvement requirements would get an 8 percentage-point increase in the Medicaid FMAP for home and community-based services, subject to a 95% cap. States that launch qualifying self-directed programs would get an extra 2 percentage points for the program's first six fiscal quarters. The bill requires State HCBS improvement plans, payment-rate and workforce updates, maintenance-of-effort protections, and reporting. It also funds planning grants ($130M), guidance/technical help ($40M), and quality measure work ($25M), and makes the Money Follows the Person demonstration permanent while expanding spousal impoverishment protections.
New birth-to-five child care help
If enacted, starting Oct 1, 2026 the bill would create a Birth‑Through‑Five child care entitlement. Eligible children under age 6 with family income at or below 250% of the State median and meeting other criteria could get help for high-quality child care. For States with approved plans the federal government would pay 90% of direct child care costs and 50% of State administration costs; States must reserve 5–10% of funds to improve quality. The law also sets provider eligibility and limits on what assisted providers may charge after a state cost study.
Teacher pay grants and minimums
If enacted, the bill would fund a Teacher Salary Grant Program with $14.5 billion for FY2027 and annual increases thereafter. States that receive funds must meet plan and reporting rules and ensure career-based salary increases. For 2027–2031 the minimum entry-year base salary for first‑year teachers in participating States would be $60,000. The law sets how funds are reserved and allotted to States.
One-time 2026 affordability rebate
If enacted, taxpayers would get a one-time 2026 affordability rebate: $3,000 for single filers or $6,000 for joint filers plus $3,000 per dependent. The rebate would be paid under the specified statutory framework for 2026.
Big Housing Trust Fund boost
If enacted, the bill would authorize $85.647 billion per year for the Housing Trust Fund for each fiscal year 2026 through 2035. The money would support housing programs for low‑income households and renters.
New annual wealth tax rules
If enacted, the bill would impose an annual 5% wealth tax on net assets above $1,000,000,000 measured at year-end. Net assets would be year-end asset value minus year-end debts, with Treasury rules for valuing hard-to-value items and a one-year valuation election limited to nonconsecutive use. The law would add a federal registry and expanded reporting for many asset types, require audits of at least 50% of wealth-tax filers, and dedicate 1% of wealth-tax revenues to IRS enforcement. It would also disallow income-tax deductions for wealth-tax payments, treat nonresident noncitizens as taxed on U.S. assets only, apply special rules for covered expatriates (60% rate for the expatriation year), and prorate the tax for decedents.
Sliding scale for health premium help
If enacted, the bill would remove the 400% income cutoff for the premium tax credit and replace it with a sliding schedule of required premium shares by income as a percent of poverty. The schedule phases from 0% at very low incomes up to 8.5% at and above 400% of poverty, with linear interpolation inside each bracket.
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Sponsors & CoSponsors
Sponsor
Rep. Khanna, Ro [D-CA-17]
CA • D
Cosponsors
Ansari
AZ • D
Sponsored 3/25/2026
Rep. Stansbury, Melanie Ann [D-NM-1]
NM • D
Sponsored 3/25/2026
Grijalva
AZ • D
Sponsored 3/25/2026
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 3/25/2026
Rep. Kelly, Robin L. [D-IL-2]
IL • D
Sponsored 3/25/2026
Roll Call Votes
No roll call votes available for this bill.
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