S 3956

The Make Billionaires Pay Their Fair Share Act proposes a new tax on the net value of assets held by wealthy individuals, defined as those with assets exceeding $1 billion. It would impose an annual tax of 5% on this net worth, with adjustments for inflation. The bill also includes provisions for affordability rebates, a repeal of certain reconciliation health provisions, expansions to Medicare coverage for dental, hearing, and vision care, and a provision to ensure public school teachers receive a minimum salary of $60,000. Additionally, the legislation addresses investments in home and community-based services and long-term care, and provides for administrative adjustments to facilitate the implementation of the wealth tax.