HR7767-119

What This Bill Does

The Make Billionaires Pay Their Fair Share Act combines a new wealth tax with eight major tax-and-benefit titles. Title I imposes an annual tax equal to 5 percent of net assets on individuals or trusts whose worldwide net assets exceed an inflation-adjusted $1 billion threshold. Married individuals are one taxpayer. Property of children under 18 is attributed to the parent, debts are deducted, and Treasury must issue valuation rules. Nonresident noncitizens are taxed only on net domestic assets. Covered expatriates owe a 60 percent rate for the expatriation year. Treasury must establish an ownership registry and asset-value reporting for securities, digital assets, closely held businesses, real estate, financial accounts, brokerage assets, and retirement plans. The IRS must audit at least half of liable taxpayers each year, and 1 percent of wealth-tax revenue is permanently appropriated for enforcement.

Title II converts the former recovery-rebate provision into a 2026 affordability rebate of $3,000 for an individual, $6,000 for a joint return, plus $3,000 per dependent. Title III broadly repeals specified 2025 reconciliation health provisions while preserving three listed sections, makes certain CHIP allocations available until spent, removes the 400-percent-of-poverty cap on premium tax credits, and limits benchmark-premium contributions to a sliding scale from zero to 8.5 percent of household income beginning in 2026.

Title IV adds Medicare Part B dental, hearing, and vision benefits. Dentures begin in 2027; most dental services begin in 2028. Covered care includes preventive exams, cleanings, x-rays, fluoride, restorative and periodontal care, extractions, root canals, crowns, bridges, dentures, implants, and related services. Preventive dental care is paid at 100 percent of the applicable amount; most other care is paid at 80 percent, with a fee schedule based generally on 70 percent of national median fees and lower payment for non-dentist oral-health professionals. Coverage has frequency limits, a 10 percent rural-shortage-area bonus, assignment limits, and dedicated claims administrators. Congress directly appropriates $900 million for implementation.

Beginning in 2028, Medicare also covers specified audiology, rehabilitation, hearing-aid examinations without a physician order, and hearing aids for moderately severe through profound hearing loss. A hearing aid is generally limited to once per ear every five years, subject to an order and Federal Supply Schedule payment ceiling; competitive acquisition begins by 2031. Congress appropriates $370 million for implementation. Medicare vision coverage begins in 2028 with one routine refractive eye exam and one pair of conventional eyeglasses per two-year period, subject to exceptions after cataract surgery and payment ceilings. Deluxe and ordinary reading glasses are excluded; competitive acquisition begins by 2030. Congress appropriates $500 million for implementation. Dental-related Part B premium and deductible effects are excluded in 2027 and 2028 and phased in at 25, 50, and 75 percent in 2029 through 2031.

Title V authorizes, but does not directly appropriate, $85.647 billion per year for fiscal years 2026 through 2035 for the Housing Trust Fund.

Title VI creates a birth-through-five child-care entitlement beginning October 1, 2026. Children under six who are not in kindergarten generally qualify when family income is no more than 250 percent of State median income and a parent is working, studying, searching for work, receiving treatment, taking qualifying leave, or performing another listed activity. Vulnerable children and children living with a parent over 65 can also qualify. Eligibility continues without reverification until age six or kindergarten. Families at or below 85 percent of State median income pay no copayment; copayments rise by income tier and are capped at 7 percent above 150 percent through 250 percent of State median income.

The childcare title permanently appropriates sums necessary for participating States, territories, Tribes, and tribal organizations and appropriates $20 billion in fiscal year 2026 for local grants and Head Start awards in nonparticipating States. State plans must set provider payments using cost studies, cover fixed costs, support living wages comparable to elementary educators with similar credentials, establish quality tiers and wage ladders, ensure provider choice, prioritize underserved children, bar suspensions, expulsions, and aversive interventions, and preserve at least 12 months of assistance. The Federal Government pays 90 percent of direct-service costs, an FMAP share for quality activities, and half of State administrative costs; territories and Tribal entities receive full Federal support. Five to ten percent of prior-year payments funds quality, startup, expansion, facilities, workforce, and technical-assistance grants. States must maintain effort, avoid supplanting existing funds, report spending, and accept Federal monitoring and sanctions.

Title VII appropriates $14.5 billion in fiscal year 2027, indexed annually, and authorizes additional sums to help States guarantee public-school teachers a starting base salary of at least $60,000 from 2027 through 2031, followed by five-year inflation adjustments, with salaries increasing over a career. Funds are split between targeted and education-finance-incentive formulas after reservations for outlying areas, Bureau of Indian Education schools, and administration. Participating States must adopt salary rules within three years, increase public-education spending without raising class sizes or workloads, publish plans for comment, report salary gaps, and pass most funds to local educational agencies. Existing labor rights and collective-bargaining agreements remain in place, but do not excuse compliance; supplemental compensation remains allowed.

Title VIII appropriates $130 million for State HCBS planning grants and $5 million for HHS assistance. Approved States receive an eight-percentage-point Medicaid match increase, capped at 95 percent, plus at least an 80 percent Federal administrative match through September 2036. A two-point bonus for six quarters supports self-directed-care infrastructure. States must maintain services, eligibility, rates, and effort; reduce access disparities; cover personal care; improve navigation, behavioral health, caregiver support, and coordination; expand eligibility; raise payment rates enough to recruit direct-care workers; pass proportional increases to workers; support self-direction; and report annually. Continued enhanced matching after 29 quarters depends on meaningful availability gains and HCBS spending benchmarks. Congress separately appropriates $40 million for Federal implementation and $25 million for HCBS quality measures. The bill also permanently extends Medicaid spousal-impoverishment protections for HCBS recipients and the Money Follows the Person demonstration.

Who Benefits and How

Households receive affordability rebates and larger marketplace premium credits. Medicare enrollees gain dental, hearing, hearing-aid, eye-exam, and eyeglass coverage. Low-income renters may benefit if Housing Trust Fund authorizations are later appropriated. Young children and working, studying, caregiving, or recovering parents gain an enforceable childcare entitlement and capped copayments. Childcare workers and public-school teachers gain wage standards and Federal salary support. Medicaid beneficiaries, people with disabilities, older adults, family caregivers, and direct-care workers gain expanded home-based services, stronger rates, and permanent protections.

Who Bears the Burden and How

Individuals and trusts above the $1 billion threshold bear the wealth tax, valuation, registry, reporting, and audit burden; covered expatriates face a 60 percent rate. Financial institutions, brokerages, retirement-plan administrators, and closely held businesses must support asset reporting. Federal taxpayers finance direct appropriations, rebates, credits, Medicare benefits, childcare, teacher grants, and enhanced Medicaid matching. Treasury, IRS, HHS, CMS, Education, State agencies, Tribal governments, local educational agencies, providers, and contractors must build and administer the programs. Participating States must contribute matching funds, preserve existing spending and service levels, adopt payment and wage rules, and report outcomes.

Key Provisions

• Imposes a 5 percent annual wealth tax above $1 billion.
• Applies a 60 percent expatriation-year wealth-tax rate.
• Requires an ownership registry and asset-value reporting.
• Audits at least half of liable wealth-tax taxpayers annually.
• Provides $3,000 affordability rebates plus $3,000 per dependent.
• Removes the premium-tax-credit income ceiling.
• Adds Medicare dental, hearing, hearing-aid, vision, and eyeglass coverage.
• Phases in dental-related Part B premium effects through 2031.
• Authorizes $85.647 billion annually for the Housing Trust Fund.
• Creates a federally supported birth-through-five childcare entitlement.
• Caps family childcare copayments at 7 percent of income.
• Requires cost-based childcare rates and worker wage ladders.
• Funds a $60,000 minimum starting salary for public-school teachers.
• Increases Federal Medicaid matching for qualifying HCBS improvements.
• Requires service maintenance, access gains, and direct-care rate increases.
• Permanently extends HCBS spousal protections and Money Follows the Person.