Americans could get $3,000 payments under Make Billionaires Pay Their Fair Share Act; know who qualifies
Millions of Americans could benefit from potential $3,000 payments as part of a new bill proposing a 5% federal wealth tax on billionaires.
Last week, nonpartisan Sen. Bernie Sanders of Vermont and Rep. Ro Khanna, D-Calif., introduced the Make Billionaires Pay Their Fair Share Act. As stated in the press release, the legislation seeks to impose a 5% annual wealth tax on the 938 billionaires living in the United States.
The bill is expected to raise $4.4 trillion over the next decade to support social programs, including direct payments of $3,000 to specific groups within the United States.
Who is eligible for the $3,000 payment?
The payments will be distributed to everyone in a household with an annual income of $150,000 or less in the first year.
According to Sanders’ office, the proposed 5% annual wealth tax would only affect the nation’s 938 billionaires and would not increase any taxes on those with a net worth of less than $1 billion. Revenue generated by the tax will be used to support programs designed to help working families, children, seniors and other at-risk populations.
A summary of the bill provided by lawmakers explicitly states that the revenue would provide direct payments of $3,000 to “every man, woman and child in a household earning $150,000 or less.” Likewise, a family of four making $150,000 or less will receive a total of $12,000.
Additionally, another provision of the bill reverses $1.1 trillion in cuts to Medicaid and the Affordable Care Act enacted through the big Republican tax cut legislation known as the “Beauty Act Act,” and expands Medicare coverage to cover dental, vision and hearing services.
Additional revenue generated by the legislation would be used to build, renovate and maintain affordable housing; ensure families spend no more than 7% of their income on child care; set a minimum annual wage of $60,000 for public school educators and ensure seniors and people with disabilities have access to home health care services through Medicaid.
