3.0.0 4490 2023-01-11T13:45:18Z 2023-01-11T13:45:18Z Senate S 2020-08-06 116 ssfi00 Finance Committee Senate Standing Referred to 2020-08-06T19:31:22Z Health Care Emergency Guarantee Act 116 6906 HR 2020-07-13 Referred to the Subcommittee on Health. Related bill CRS Health Care Emergency Guarantee Act 116 3790 S 2020-05-20 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS Make Billionaires Pay Act 116 8020 HR 2020-10-06 Referred to the Subcommittee on Health. Identical bill CRS 2020-08-06 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-08-06 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2020-08-06 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2020-08-06 True Health 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 Health 00 2020-08-06 Introduced in Senate 2020-10-22T14:32:25Z 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.

]]> Make Billionaires Pay Act Display Title Make Billionaires Pay Act Short Title(s) as Introduced Make Billionaires Pay Act Introduced in Senate IS Official Title as Introduced A bill to impose an emergency tax on the increase in wealth of billionaires during the COVID-19 pandemic in order to pay for all of the out-of-pocket healthcare expenses of the uninsured and under-insured, including prescription drugs, for one year. Introduced in Senate IS Introduced in Senate 2020-08-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4490is/xml/BILLS-116s4490is.xml 2020-08-06 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.