This comprehensive legislation aims to reduce wealth inequality, expand access to affordable health care, child care, and housing, and increase federal support for Medicare benefits and public school teacher salaries.
Bernard "Bernie" Sanders
Senator
VT
The "Make Billionaires Pay Their Fair Share Act" proposes a comprehensive legislative package funded by a new 5% annual wealth tax on individuals and trusts with assets exceeding $1 billion. This revenue supports a wide range of social investments, including direct affordability rebates for families, expanded health care and Medicare benefits, and significant funding for affordable housing and child care. Additionally, the bill establishes a national $60,000 minimum salary for public school teachers and strengthens long-term home and community-based care services.
Billionaire Wealth Tax to Fund $60,000 Teacher Salaries and Universal Child Care Under New Act
The 'Make Billionaires Pay Their Fair Share Act' proposes a massive shift in how the U.S. funds its social safety net. By hitting the reset button on tax policy for the ultra-wealthy, the bill aims to bankroll a wish list of middle-class priorities, from cheaper daycare to better-paid teachers. The engine under the hood is a new 5% annual tax on the net worth of anyone owning more than $1 billion in assets. To make sure the money actually shows up, the bill mandates that the IRS audit at least 50% of these billionaires every year and creates a national 'wealth registry' to track high-value assets that are often hidden in complex trusts.
A Payday for Educators and Parents
The bill gets specific about where that tax money goes, starting with a major raise for the people teaching the next generation. It sets a national minimum salary floor of $60,000 for all public school teachers starting in 2027 (Title VII). If you're a teacher with a few years under your belt, your pay would scale up from there, with the $60,000 base adjusted for inflation every five years. For parents, the bill creates a 'child care entitlement' (Title VI). Starting in October 2026, the goal is that no family pays more than 7% of their income for child care. If your household earns below 85% of your state’s median income, your child care would be entirely free.
Filling the Gaps in Medicare and Housing
For seniors and those planning for retirement, the bill tackles the 'big three' usually left out of traditional Medicare: teeth, ears, and eyes. Starting in 2028, Medicare Part B would expand to cover dental cleanings, root canals, hearing aids, and vision exams (Title IV). To prevent a sudden spike in monthly costs, the bill phases in the related premium increases over five years. On the housing front, the legislation puts real numbers on the table, authorizing $85.6 billion annually through 2035 for the National Housing Trust Fund (Title V). This is a direct play to build and repair rental units specifically for low-income earners and seniors who are currently being priced out of the market.
Cash Back and Care at Home
While the big programs take a few years to spin up, the bill includes a more immediate 'Affordability Rebate' for the 2026 tax year (Title II). Most individuals earning under $75,000 (or $150,000 for married couples) would receive a one-time $3,000 check, plus another $3,000 for every dependent. Finally, the bill makes a permanent fix to 'spousal impoverishment' rules (Title VIII). This ensures that if one spouse needs expensive long-term care at home through Medicaid, the other spouse isn't forced to drain every cent of their shared savings just to qualify for help, allowing them to keep their home and a stable income.