Proposal to Tax Billionaires and Send $3,000 to Millions

New bill would fund $3,000 payments to low-income Americans and expand Medicare and housing aid

Published on Mar. 9, 2026

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A new proposal in Congress called the Make Billionaires Pay Their Fair Share Act would create a 5% yearly tax on the wealth of U.S. billionaires to fund $3,000 direct payments to households with incomes under $150,000, as well as expand Medicare benefits and affordable housing programs.

Why it matters

The proposal aims to provide financial relief to struggling Americans while also requiring the wealthiest individuals to contribute more in taxes. It highlights ongoing debates around wealth inequality, the role of government in addressing economic challenges, and the political feasibility of taxing the ultra-rich.

The details

The bill, introduced by Sen. Bernie Sanders and Rep. Ro Khanna, would target the roughly 900 billionaires in the U.S. and could raise an estimated $4.4 trillion over 10 years. In addition to the $3,000 direct payments, the funds would go toward expanding Medicare coverage and increasing affordable housing construction and repair.

  • The Make Billionaires Pay Their Fair Share Act was introduced in 2026.
  • If approved, the $3,000 payments would be distributed to eligible Americans in 2027.

The players

Bernie Sanders

An independent U.S. Senator from Vermont and co-sponsor of the bill.

Ro Khanna

A Democratic U.S. Representative from California and co-sponsor of the bill.

Forbes

The publication that reported there are around 900 billionaires in the U.S.

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What they’re saying

“The plan would help people and families who are struggling with everyday costs.”

— Bernie Sanders, U.S. Senator

What’s next

The bill will need to be approved by the Republican-led House of Representatives and Senate before it can become law.

The takeaway

This proposal highlights the ongoing debate around wealth inequality and the role of government in providing economic assistance, with proponents arguing that taxing the ultra-wealthy can fund programs to help struggling Americans, while opponents may view it as government overreach and unfair targeting of the rich.