H.R. 7767: Make Billionaires Pay Their Fair Share Act

The "Make Billionaires Pay Their Fair Share Act" introduces a series of measures aimed at generating revenue through a new annual tax structure and enhancing social welfare programs. The key components of the bill include:

Tax on High Assets

The bill imposes a 5% annual tax on individuals with assets exceeding $1 billion. This tax is intended to ensure that wealthy individuals contribute more to public finances. Accompanying this tax are provisions for affordability rebates, which aim to offset costs for lower-income individuals, as well as expansions in healthcare access and various support programs for social welfare.

Healthcare and Dental Services Regulations

To regulate dental services, national median fees will be set based on historical data from the American Dental Association. These fees will be adjusted annually for inflation and productivity, ensuring that dental care remains reasonably priced over time. Additionally, payments for dentures will be bundled into a single payment, simplifying the billing process.

Medicare Adjustments

The bill outlines that starting from 2027 through 2031, the Secretary will establish alternative monthly actuarial rates for Medicare enrollees aged 65 and older. This means that the amounts beneficiaries pay for premiums and deductibles will be adjusted annually based on specific percentage increases. This aims to ensure that Medicare remains sustainable while managing the costs for enrollees.

Child Care Funding Restrictions

Child care providers receiving federal funds will be prohibited from using these funds for sectarian buildings or facilities. The Secretary will delineate how family child care homes may use funding, and after 10 years, the federal government will relinquish interest in the facilities. States will be required to enhance the quality of child care services using a designated portion of the funds they receive.

Home and Community-Based Services Improvement Program

The bill enhances federal support for states that work to improve home and community-based services (HCBS). States that meet specific criteria, such as maintaining service levels and increasing access to services, will receive an 8% increase in federal medical assistance percentage (FMAP) funding. This is designed to promote better support for individuals relying on these services.

Relevant Companies

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