Millions of Americans could receive $3,000. But who’s paying?
A bill now before Congress would provide up to $3,000 to millions of Americans in 2027.
The Make Billionaires Pay Their Fair Share Act , proposed by U.S. Sen. Bernie Sanders , I-Vt., and U.S. Rep. Ro Khanna, D-Calif., would establish a 5% annual wealth tax on 938 billionaires living in America, including Jeff Bezos and Elon Musk, whose combined wealth totals $8.2 trillion.
Over the next 10 years, the tax would raise approximately $4.4 trillion in revenue that would be used in part to give households making $150,000 or less a one-time $3,000 direct payment per person in that household.
A family of four, for instance, would receive $12,000.
"At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1%," Sanders said in a statement . "Enough is enough. Billionaires cannot have it all. It is time to enact a wealth tax on billionaires and use this revenue to address some of the major crises facing working families, the children, the elderly, the sick and the most vulnerable."
Revenue from the wealth tax would also:
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Reverse the $1.1 trillion in Medicaid Affordable Care Act cuts in President Donald Trump's "One Big Beautiful Bill Act."
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Expand Medicare to cover dental, vision and hearing for millions of seniors.
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Build, rehabilitate and preserve over 7 million affordable homes to address the housing gap and homelessness.
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Ensure no family pays more than 7% of their income on childcare.
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Establish a $60,000 minimum annual salary for every public school teacher in the U.S.
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Expand Medicaid home health care for seniors and people with disabilities.
"We have a deep economic divide in this country," Khanna said. "On one side, places like Silicon Valley are generating extreme wealth. On the other side, families are struggling to cover the cost of health care, housing, and basic needs. We can tax billionaires a modest amount to make sure everyone has a fair chance while keeping our innovative engine."
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