Sponsors (8)
Official title: To amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.
Introduced March 3, 2026 by Ro Khanna · Last progress March 3, 2026
The bill funds large expansions in housing, childcare, Medicare dental/vision/hearing, HCBS, and teacher pay and provides one‑time household rebates—largely financed through new wealth‑tax revenues and major federal spending increases—trading broader social benefits and targeted relief for sizable fiscal costs, heightened implementation burdens, and distributional and administrative challenges for states, providers, and taxpayers.
Low-income renters and communities receive a major, sustained federal investment in affordable housing through a large Housing Trust Fund appropriation (annual $85.647B for 2026–2035) that supports building and preserving affordable units and local planning.
Parents and young children gain guaranteed access to subsidized child care and early learning (continuous eligibility through age 6/kindergarten) with expanded federal funding, sliding fee scales, quality tiers, and protections (e.g., bans on suspension/expulsion) that lower costs and improve quality for many families.
Households receive one-time 2026 tax rebates ($3,000 single / $6,000 joint plus $3,000 per dependent), providing immediate cash relief to middle- and low-income families.
The bill substantially increases federal spending across multiple programs (rebates, housing, childcare, Medicare expansions, teacher pay, HCBS), adding large budgetary commitments that could raise deficits or require offsets, affecting all taxpayers and fiscal priorities.
States and localities face significant new budgetary pressures and matching/MOE obligations (child care, HCBS, teacher-pay, Medicaid rules), which could force tax increases, cuts to other services, or make implementation difficult where federal funding is insufficient or phased.
The bill imposes substantial administrative and implementation burdens on the IRS, states, tribes, territories, and providers (new programs, reporting, compliance, IT and staffing needs), creating risks of delays, processing errors, and higher administrative costs during rollout.
Based on analysis of 10 sections of legislative text.
Imposes a new federal net‑wealth tax and spends revenue on rebates, Medicare dental, housing, child care entitlement rules, teacher pay floors, and HCBS planning grants.
Imposes a new federal net-wealth tax on very high‑wealth taxpayers, funds expanded domestic programs, and changes several major benefit and education rules. It creates a new subtitle in the Internal Revenue Code for a net‑wealth tax with required IRS audits and a dedicated enforcement appropriation; provides a one‑year "affordability rebate" in 2026; alters health law subsidies and preserves certain rural health provisions; adds dental and oral health coverage to Medicare Part B; authorizes large annual Housing Trust Fund appropriations for 2026–2035; establishes a Birth‑through‑Five child care and early learning entitlement framework with matching and reporting rules; sets rules for state monitoring and matching funds for child care; sets a federal minimum salary floor for full‑time public K–12 teachers and annual adjustments; and funds HCBS (home and community‑based services) planning and technical assistance grants. The bill affects wealthy taxpayers (new net‑wealth tax), low‑ and middle‑income households (rebates and health subsidy changes), Medicare beneficiaries (new dental coverage), state governments and school districts (teacher salary minimum and child care entitlement design/implementation), and housing and long‑term services programs (Housing Trust Fund and HCBS planning grants). It combines major tax, health, education, housing, and early‑childhood policy changes in one measure.