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Lawmakers Propose 5% Wealth Tax on Billionaires for $4.4 Trillion Fund

4/11/2026

Summary

Story summary

Lawmakers introduced Make Billionaires Pay Their Fair Share Act to impose a 5% wealth tax on billionaires, aiming to raise $4.4 trillion.
Co-sponsored by Senator Bernie Sanders and Representative Ro Khanna, the bill would redistribute funds to vulnerable Americans, providing $3,000 to households under $150,000.
It would reverse Medicaid cuts, expand Medicare, cap childcare costs, and create affordable housing, while six California billionaires' departures could reduce revenue by a quarter.

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Story summary

Lawmakers introduced Make Billionaires Pay Their Fair Share Act to impose a 5% wealth tax on billionaires, aiming to raise $4.4 trillion.
Co-sponsored by Senator Bernie Sanders and Representative Ro Khanna, the bill would redistribute funds to vulnerable Americans, providing $3,000 to households under $150,000.
It would reverse Medicaid cuts, expand Medicare, cap childcare costs, and create affordable housing, while six California billionaires' departures could reduce revenue by a quarter.