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Make Billionaires Pay Act

Introduced: August 11, 2020 Introduced by: Omar, Ilhan Democratic · Minnesota See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 6, 2020

Referred to the Subcommittee on Health.

Sep 10, 2020

Referred to the Subcommittee for Indigenous Peoples of the United States.

Aug 11, 2020

Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Oversight and Reform, Veterans' Affairs, Armed Services, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Aug 11, 2020

Introduced in House

Plain-English summary Congressional Research Service

Make Billionaires Pay Act

This bill establishes a tax on the wealth increases of individuals with more than $1 billion in net assets during the COVID-19 (i.e., coronavirus disease 2019) pandemic and requires the Department of Health and Human Services (HHS) to pay the out-of-pocket expenses of individuals receiving medically-necessary care or services for a period of one year.

First, the bill requires individuals with net assets of more than $1 billion on December 31, 2020, to pay a tax of 60% on the amount equal to the lesser of (1) the increase in value of their net assets during the period beginning on March 18, 2020, through such date, or (2) the value of their net assets that is greater than $1 billion. The Department of the Treasury must establish rules for the application of this tax to married individuals and this tax is not deductible for the purpose of federal income tax.

Further, the bill covers the costs for services provided through public or private health insurance and to uninsured individuals, including prescription drugs and care related to COVID-19, for a period of one year beginning on the date of enactment of this bill. Health insurance plans are prohibited from increasing the cost-sharing requirements of plans while this program is in effect and HHS must report to Congress on the program on a weekly basis.

What's happening now October 6, 2020

Referred to the Subcommittee on Health.

Committees of jurisdiction 8