US SB4490 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on August 6 2020 - 25% progression, died in committee
Action: 2020-08-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on August 6 2020 - 25% progression, died in committee
Action: 2020-08-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Make Billionaires Pay Act
Sponsors
Sen. Bernard Sanders [I-VT] | Sen. Kirsten Gillibrand [D-NY] | Sen. Edward Markey [D-MA] |
History
Date | Chamber | Action |
---|---|---|
2020-08-06 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB6906 (Related) 2020-07-13 - Referred to the Subcommittee on Health.
HB8020 (Same As) 2020-10-06 - Referred to the Subcommittee on Health.
SB3790 (Related) 2020-05-20 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
HB8020 (Same As) 2020-10-06 - Referred to the Subcommittee on Health.
SB3790 (Related) 2020-05-20 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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
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
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
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
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/4490/all-info |
Text | https://www.congress.gov/116/bills/s4490/BILLS-116s4490is.pdf |