Senator Bernie Sanders and Representative Ro Khanna introduced a new bill that could send $3,000 to many Americans. The cost of living is rising every day, and to counter that, Sanders and Khanna proposed ‘fair’ taxation of billionaires, as reported by The Guardian.
The proposal is called “Make Billionaires Pay Their Fair Share Act.”
This would impose a 5% annual wealth tax on the 938 billionaires in the country, as reported by an article on sanders.senate.gov. They are collectively worth $8.2 trillion.
According to them, under this proposal, households earning $150,000 or less per year could receive $3,000 per person as a one-time payment. Thus, a family of four could receive up to $12,000.
BREAKING: Today Bernie Sanders is proposing a bill to raise $4.4 trillion in taxes from America’s billionaires — a move that would virtually cut their massive fortunes in half.
A chunk of the money would go toward sending a $3K stimulus check to every person earning under $150K.
— More Perfect Union (@MorePerfectUS) March 2, 2026
Over the next 10 years, the government could raise about $4.4 trillion. The funds could be used to address issues such as healthcare and housing.
About this bill, Sanders stated, “At a time of unprecedented income and wealth inequality, this legislation demands that the billionaire class in America finally pay their fair share of taxes so that we can create an economy that works for all of us, not just the 1%.”
Khanna also claimed, “We have a deep economic divide in this country. On one side, places like Silicon Valley are generating extreme wealth. On the other side, families are struggling to cover the cost of health care, housing, and basic needs.”
He added, “We can tax billionaires a modest amount to make sure everyone has a fair chance while keeping our innovative engine. That is why I am proud to join Senator Bernie Sanders to lead the Make Billionaires Pay Their Fair Share Act.”
According to FinanceBuzz, the bill could also raise money for public programs. This includes making healthcare more affordable, with Sanders and Khanna claiming it could strengthen the Affordable Care Act subsidies.
It can also reverse cuts to Medicaid and expand Medicare to cover services like dental, vision, and hearing for senior citizens, etc. At the same time, the plan calls for limiting childcare costs, so that families spend not more than 7% of their income.
This would also set a minimum salary of $60,000 for public school teachers.
Surprise! The Jeff Bezos-owned Washington Post is against my 5% billionaire wealth tax. I wonder why?
If enacted, Bezos would owe $12 billion in taxes, and an average family of 4 would receive a $12,000 direct payment.
Poor Jeff would be left with just $224 billion to survive. pic.twitter.com/BPjBMfol2h
— Sen. Bernie Sanders (@SenSanders) March 3, 2026
The lawmakers are also considering special tax benefits to older people. They may be allowed to deduct a large chunk of money from their income before taxes are calculated.
However, The Guardian reported that it is unlikely for this bill to actually become a law. The current Congress is significantly controlled by Republicans, and they have opposed wealth taxes even in the past, as explained by FinanceBuzz.
However, the Washington Post reported that this bill could influence the Democratic Party’s 2028 presidential campaign.
