Summary
A proposal is gaining attention in Congress to send $3,000 payments directly to Americans to help with rising living costs. The plan would fund these payments through a new tax on billionaires, but only a few lawmakers are backing it, and it faces challenges in a Congress controlled by Republicans.
Key Facts
- The proposal is called the Make Billionaires Pay Their Fair Share Act.
- It suggests a $3,000 payment for individuals in households earning $150,000 or less in the first year.
- A family of four could receive up to $12,000.
- The funding for the payments would come from a 5% annual tax on billionaires.
- About 938 billionaires with a total net worth over $8 trillion are targeted for the tax.
- Only four lawmakers currently sponsor the bill: Senator Bernie Sanders, Representative Ro Khanna, Representative Seth Magaziner, and Representative Rashida Tlaib.
- The plan includes broader economic measures like spending on Medicare, Medicaid, and affordable housing.
- National Nurses United, a large nurses union, supports the initiative.
