Make Billionaires Pay Act

Bill: 116-hr-8020
Sponsor: Rep. Omar, Ilhan [D-MN-5]
Introduced: 2020-08-11 in the House
Policy area: Health
Subjects: Cardiovascular and respiratory health
Congressional oversight
Debt collection
Drug therapy
Emergency medical services and trauma care
Employee benefits and pensions
Government employee pay, benefits, personnel management
Government information and archives
Health care costs and insurance
Health care coverage and access
Health care quality
Health information and medical records
Health programs administration and funding
Home and outpatient care
Immunology and vaccination
Indian social and development programs
Infectious and parasitic diseases
Medical research
Medical tests and diagnostic methods
Medicare
Military medicine
Minority health
Prescription drugs
Property tax
Tax administration and collection, taxpayers
Veterans' medical care

Summary:
action_date: 2020-08-11
text: 

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.


Legislative actions:
action_date: 2020-10-06
text: Referred to the Subcommittee on Health.
action_date: 2020-09-10
text: Referred to the Subcommittee for Indigenous Peoples of the United States.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: 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.
action_date: 2020-08-11
text: Introduced in House
action_date: 2020-08-11
text: Introduced in House