Make Billionaires Pay Their Fair Share Act

Bill Number: H.R. 7767
Origin Chamber: House
Congress: 119th Congress, Session 2
Policy Area: Taxation
Status: Introduced
Latest Action: 2026-03-03: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Last Updated: 2026-06-25T08:07:51Z

AI-Generated Summary

Purpose

This bill, titled the "Make Billionaires Pay Their Fair Share Act," imposes a new annual wealth tax on individuals and trusts with net assets exceeding $1 billion (adjusted for inflation after 2026) and directs the revenue toward funding social programs. These include direct payments to households, expansions in health coverage, housing assistance, child care entitlements, public school teacher salaries, and improvements in home and community-based services (HCBS) for long-term care.

Key Provisions

Title I: Wealth Tax
Imposes a 5% annual tax on the net value of all assets (real or personal, tangible or intangible, worldwide for U.S. residents/citizens) exceeding $1 billion as of year-end, minus debts.
Treats married couples as one taxpayer; includes assets of children under 18; special rules for trusts, nonresidents (U.S. assets only), deceased individuals, and "covered expatriates" (60% rate in year of expatriation).
IRS to create a "wealth registry," require asset reporting, audit at least 50% of taxpayers annually, and receive 1% of revenue for enforcement.
Effective for calendar years after enactment.

Title II: Affordability Rebates
Provides one-time rebates in 2026: $3,000 per taxpayer ($6,000 joint return) plus $3,000 per dependent, via amended recovery rebate rules.

Title III: Health Care Provisions
Repeals certain health-related provisions from prior reconciliation law (with exceptions).
Removes income cap (previously 400% of poverty line) for premium tax credits under ACA; revises sliding-scale premium percentages (0-8.5% of income).

Title IV: Medicare Dental, Hearing, and Vision Expansion
Adds coverage starting 2027-2028 for dental/oral health (preventive, treatments, dentures), hearing aids/exams, and vision services (routine exams, eyeglasses).
Establishes fee schedules (70% of national median, adjusted geographically/inflation), coinsurance (80% or 100% preventive), limits (e.g., exams every 2-3 years), rural incentives.
Phases in impact on Part B premiums (2027-2031); appropriates implementation funds ($900M dental, $370M hearing, $500M vision).

Title V: Housing Trust Fund
Authorizes $85.647 billion annually (FY2026-2035) for the National Housing Trust Fund to support affordable housing.

Title VI: Affordable Child Care
Creates entitlement for free or low-cost child care/early learning for children birth-to-five (income ≤250% state median, parents in work/education/training).
States submit 3-year plans; federal share 90% for services (sliding copays 0-7%), FMAP for quality/supply activities; prioritizes underserved groups.
Open-ended appropriations; grants to non-participating localities/Head Start.

Title VII: Minimum Teacher Salary
Requires states to ensure public school teachers earn ≥$60,000 starting salary (inflation-adjusted after 2031), increasing with experience.
Federal grants (FY2027: $14.5B, escalating) via formulas; states adopt salary schedules/policies within 3 years; reporting required.

Title VIII: HCBS and Long-Term Care
Planning grants to states ($130M); increased Medicaid FMAP (+8% base, +2% for self-direction) through FY2036 if benchmarks met (e.g., 50% LTSS spending on HCBS).
Permanent extensions: spousal impoverishment protections, Money Follows the Person demonstration.
Funds for federal activities ($40M), quality measures ($25M).

Significant Changes to Existing Law

Adds new IRC Subtitle B-1 (Chapter 18) for wealth tax; no income tax deduction for it.
Amends recovery rebates (sec. 6428B), ACA premium credits (sec. 36B), Medicare coverage/payment rules (secs. 1861, 1833, 1834).
New entitlements/appropriations for child care, teacher pay, housing, HCBS FMAP.
Repeals targeted prior health laws; extends expiring Medicaid/HCBS provisions permanently.

Potential Impacts

Government Agencies: IRS gains enforcement tools/funding (audits, registry); HHS/CMS expands Medicare/Medicaid admin (e.g., new benefits, data systems); Education Dept. awards teacher grants; states/localities receive billions but face planning/reporting mandates.
Citizens: ~700-800 U.S. billionaires pay new tax (potentially $100B+ revenue/year); low/middle-income get rebates/child care/health subsidies; Medicare beneficiaries (65M+) gain dental/hearing/vision; teachers (~3M) see salary floors; families/caregivers access expanded HCBS/child care; housing/child care slots increase.
International Relations: Nonresidents taxed only on U.S. assets; expatriation penalties may deter asset flight.
Economy: Shifts spending to social services; potential wealth migration or valuation challenges.

Main Stakeholders Affected

Taxpayers: Ultra-wealthy individuals/trusts (direct tax burden).
Families/Households: Low-income/working parents (rebates, child care, housing).
Seniors/Disabled: Medicare/Medicaid enrollees (new benefits, HCBS access).
Educators: Public school teachers/schools/states (salaries, grants).
Providers: Child care operators, dentists/audiologists/optometrists, direct care workers (rates, training, slots).
Governments: States (plans, matching funds, maintenance of effort); localities/Head Start (alternative funding).

Notable Legal, Constitutional, or Political Implications

Legal: Wealth tax introduces novel annual asset valuation (Secretary rules akin to estate tax); penalties for nonreporting/expatriation; state plans subject to federal approval/enforcement.
Constitutional: Potential challenges as "direct tax" requiring apportionment among states (Art. I, sec. 9); marriage penalties or child inclusion may raise equal protection issues.
Political: Progressive revenue for entitlements; mandates state action (e.g., teacher pay, child care quality tiers) with non-supplantation/maintenance rules; benchmarks tie funding to outcomes like HCBS spending shifts.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Khanna, Ro [D-CA-17]

Cosponsors (7)

Rep. Ansari, Yassamin [D-AZ-3], Rep. Stansbury, Melanie A. [D-NM-1], Rep. Grijalva, Adelita S. [D-AZ-7], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Kelly, Robin L. [D-IL-2], Rep. Green, Al [D-TX-9], Rep. Carson, André [D-IN-7]

Recent Actions

2026-03-03: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2026-03-03: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2026-03-03: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2026-03-03: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Financial Services, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2026-03-03: Introduced in House
2026-03-03: Introduced in House

Bill Versions

Make Billionaires Pay Their Fair Share Act — issued 2026-03-03 — PDF (154 pages)