Make Billionaires Pay Their Fair Share Act
Sponsored By: Representative Khanna
Introduced
Summary
This bill would impose a 5% national wealth tax on fortunes above $1 billion while also expanding Medicare to cover dental, hearing, and vision and creating a federal Birth‑Through‑Five child care entitlement.
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- Families with children under five would get a federal Birth‑Through‑Five care entitlement backed by a $20 billion FY2026 grant pool. The program uses sliding copays with zero cost for families at or below 85% of state median income.
- Older Medicare beneficiaries would gain coverage for dental, hearing, and vision services, with dentures covered earlier than other services. Preventive dental services would be paid at 100% and most dental services at an 80% base payment under a new fee schedule.
- Very high‑net‑worth individuals and certain trusts would face a 5% tax on net assets above $1 billion, with Treasury setting valuation and reporting rules and strengthened audit and information‑reporting requirements.
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Bill Overview
Analyzed Economic Effects
8 provisions identified: 5 benefits, 1 costs, 2 mixed.
Stronger home and community care supports
If enacted, States that participate would get an 8 percentage-point FMAP boost for home and community-based services, with a 95% cap and an extra 2 points for the first six fiscal quarters. Administrative costs spent before October 1, 2036 would get at least 80% federal funding. States must submit HCBS improvement plans within 24 months, update payment rates within two years, strengthen the direct care workforce, and meet reporting and benchmark tests. HHS would award planning grants ($130 million in FY2027), and provide funds for quality measure development and technical assistance.
Higher starting pay for teachers
If enacted, the bill would set a $60,000 minimum annual base salary for first-year full-time public school teachers for fiscal years 2027 through 2031. Congress would authorize $14.5 billion for FY2027 and index future appropriations. States that receive funds must ensure teachers meet the minimum within three years and follow public notice and reporting rules. The law sets rules for how funds are reserved, allocated, and used for statewide compensation efforts.
New child care entitlement and funding
If enacted, the bill would create a Birth Through Five child care entitlement in participating States starting October 1, 2026. Eligible children are under 6, not in kindergarten, with family income at or below 250% of the State median. The federal government would pay 90% of direct child care costs, pay the FMAP for quality and supply work, and pay 50% of administration costs. The bill would provide $20 billion for FY2026, require States to reserve 5–10% for quality, create a federal child care certificate option, and let the Secretary use reserved funds for federal help and local Head Start awards.
One-time $3,000 affordability rebate
If enacted, the bill would give an affordability rebate for tax year 2026 equal to $3,000 for an individual filer or $6,000 for a joint return, plus $3,000 for each dependent. The rebate replaces prior smaller numeric rebate amounts in the law and would be available to qualifying taxpayers under the statute.
Big annual Housing Trust Fund boost
If enacted, the bill would authorize $85,647,000,000 to the Housing Trust Fund for each fiscal year 2026 through 2035. This would provide large recurring federal resources for affordable housing programs over that ten-year period.
New wealth tax and reporting rules
If enacted, the bill would impose a 5% annual tax on net assets above $1 billion for applicable taxpayers in calendar years after enactment. The law would require broad new reporting and valuation rules, create a registry for public securities, digital assets, private business shares, and U.S. real estate, and treat property of children under 18 as the parent's property for the tax. The Treasury would require audits of at least 50% of wealth-tax filers and appropriate 1% of wealth-tax revenues each year to IRS enforcement.
New Medicare vision, hearing, dental benefits
If enacted, Medicare Part B would cover dental, routine vision exams and one pair of eyeglasses every two years, and audiology and hearing aids for people with moderately severe or worse hearing loss starting January 1, 2028 (dentures start January 1, 2027). The law would limit frequency (one pair of glasses per two years; hearing aids not more than once per ear every five years) and cap payments using federal supply schedules. It would phase in related Part B premium changes from 2027 through 2031 and require competitive purchasing by 2030–2031. The bill also provides implementation funds, including $370 million for hearing and $900 million for dental setup and operations.
Repeal of prior health subtitle
If enacted, the bill would repeal subtitle B of Public Law 119-21, except for specified sections that remain in effect. It would also amend when certain State funds remain available until expended. The practical effects would vary by program and by State.
Sponsors & CoSponsors
Sponsor
Khanna
CA • D
Cosponsors
Rep. Ansari, Yassamin [D-AZ-3]
AZ • D
Sponsored 3/25/2026
Stansbury
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
Rep. Green, Al [D-TX-9]
TX • D
Sponsored 4/27/2026
Roll Call Votes
No roll call votes available for this bill.
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