Sponsors (8)
The bill directs large new federal investments to expand child care, affordable housing, HCBS, Medicare dental, and teacher pay—delivering substantial benefits to families, seniors, renters, and caregivers—while raising major fiscal costs, increasing administrative burdens and state/local budget pressures, and creating trade-offs in provider payments and tax/reporting requirements.
Parents and young children gain substantially expanded, federally funded child care access and higher-quality early learning supports (continuous eligibility to age 6, sliding fees, quality tiers, strong federal funding and technical assistance).
Low-income renters and communities receive a large, predictable 10-year Housing Trust Fund appropriation ($85.647B/year for 2026–2035) to build and preserve affordable housing and support construction jobs.
Full-time public K–12 teachers get federal support to reach a $60,000 starting base salary (FY2027–2031), improving teacher pay, recruitment, and retention.
Taxpayers overall face substantially higher federal outlays across multiple large new programs (housing, child care, HCBS, teacher-pay grants, Medicare dental, rebates), increasing deficit risk or requiring offsets.
States, tribes, localities, providers and the IRS face significant new administrative, reporting, and compliance burdens (new program rules, reporting timelines, audit/reporting requirements, technical assistance needs) that raise costs and complexity.
State and local budgets may be strained by mandated floors, MOE/matching rules, and wage/implementation requirements (teacher salary minimums, HCBS maintenance‑of‑effort, Medicaid non‑Federal share restrictions, child care MOE), potentially forcing cuts, tax increases, or reallocations.
Based on analysis of 10 sections of legislative text.
Imposes a federal net‑wealth tax, funds IRS enforcement, creates 2026 affordability rebates, expands Medicare dental, revises ACA subsidies, funds housing, childcare, HCBS planning, and sets a $60K teacher minimum salary.
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
Imposes a new federal net-wealth tax on very wealthy taxpayers, creates a large enforcement and reporting regime for the IRS, and uses some of the revenue to fund programs and rebates. The bill also makes wide-ranging policy changes across tax, health, education, housing, and early childhood: it creates a 2026 "affordability" rebate for families, alters ACA premium-subsidy rules, adds dental/oral health coverage to Medicare Part B, authorizes large Housing Trust Fund appropriations, establishes a child care/early learning entitlement framework, sets federal minimum teacher salaries, and funds HCBS (home- and community-based services) planning grants.