Make Billionaires Pay Their Fair Share Act Medicare Dental, Hearing, and Vision Expansion Act of 2026
HB7767, titled the “Make Billionaires Pay Their Fair Share Act,” would create a new federal wealth tax on very high-net-worth individuals and trusts. The bill imposes a 5 percent annual tax on the net value of assets held by an applicable taxpayer whose assets exceed $1 billion, with special valuation, reporting, and anti-avoidance rules. It also treats married individuals as one taxpayer, includes certain assets of minor children, applies special rules for trusts, nonresident aliens, and covered expatriates, and directs the Treasury Secretary to create a wealth registry and expanded information-reporting system to support administration.
The bill uses the revenue from the wealth tax to fund a broad package of affordability and social policy measures. These include expanded “affordability rebates” for individuals and families, repeal of certain reconciliation health provisions, expanded premium tax credit eligibility, Medicare coverage for dental, hearing, and vision services, a large Housing Trust Fund authorization, a birth-through-five child care and early learning entitlement, a $60,000 minimum starting salary for public school teachers, and major new investments in home and community-based services and long-term care workforce supports. It also includes appropriations for implementation and enforcement across Treasury, HHS, and Education.
The bill would amend the Internal Revenue Code to add a new subtitle imposing a wealth tax and related enforcement, reporting, and penalty provisions, while also making the tax nondeductible for income tax purposes. It would further amend the Social Security Act, Medicare provisions, Medicaid HCBS rules, and education and housing statutes to expand benefits and funding streams, including new Medicare coverage categories for dental, hearing, and vision care, new Medicaid financing incentives for HCBS, and new federal-state grant structures for child care and teacher pay. The bill would significantly expand federal administrative responsibilities and create new compliance obligations for taxpayers, states, providers, and agencies.
No committee transcripts or recorded votes were provided, so there is no direct legislative debate or roll-call history to assess. Based on the bill text and title, the measure is strongly redistributive and expansionary, aiming to tax billionaires and use the proceeds for health, housing, education, child care, and long-term care benefits. The overall framing suggests support for progressive taxation and social spending, but the absence of discussion or votes means there is no documented sentiment from lawmakers in the provided materials.
The most likely points of contention are the wealth tax itself, the 5 percent annual rate on assets above $1 billion, and the administrative burden of valuing and tracking assets through a federal wealth registry. Potentially controversial provisions also include the treatment of trusts, minor children’s assets, nonresident and expatriate taxpayers, and the requirement to audit at least 50 percent of liable taxpayers each year. On the spending side, the bill’s major expansions in Medicare, child care, teacher pay, housing, and HCBS would likely raise questions about federal cost, implementation complexity, and state participation requirements, especially where the bill conditions funding on state plan compliance and maintenance-of-effort rules.