HR 8020 · 116th Congress 2019–2021, ended

Make Billionaires Pay Act

Introduced Aug 11, 2020 Originated House Sponsor Ilhan Omar D-MN

Latest action · Oct 6, 2020 Referred to the Subcommittee on Health.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedAug 11, 2020
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

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.

Cosponsors 12

Members who signed on, in the order they did. Signatures ran from Aug 11, 2020 to Oct 9, 2020; 7 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-FL	Alcee L. Hastings	Original	Aug 11, 2020
D-NY	Alexandria Ocasio-Cortez	Original	Aug 11, 2020
D-MA	Ayanna Pressley	Original	Aug 11, 2020
D-NJ	Bonnie Watson Coleman	Original	Aug 11, 2020
D-IL	Janice D. Schakowsky	Original	Aug 11, 2020
D-WA	Pramila Jayapal	Original	Aug 11, 2020
D-MI	Rashida Tlaib	Original	Aug 11, 2020
D-CA	Judy Chu		Aug 14, 2020
D-NY	Grace Meng		Aug 18, 2020
D-IN	André Carson		Aug 22, 2020
D-IL	Jesús G. "Chuy" García		Sep 29, 2020
D-TN	Steve Cohen		Oct 9, 2020

Committees 6

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Aug 11, 2020
House	Energy and Commerce Committee	Referred Aug 11, 2020
House	Oversight and Government Reform Committee	Referred Aug 11, 2020
House	Veterans' Affairs Committee	Referred Aug 11, 2020
	Health Subcommittee	Referred Oct 6, 2020
House	Armed Services Committee	Referred Aug 11, 2020
House	Natural Resources Committee	Referred Aug 11, 2020
	Indian and Insular Affairs Subcommittee	Referred Sep 10, 2020

Actions 4

Everything that happened, newest first.

Oct 6, 2020Referred to the Subcommittee on Health.
Sep 10, 2020Referred to the Subcommittee for Indigenous Peoples of the United States.
Aug 11, 2020Introduced in House
Aug 11, 2020Referred 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.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 7

The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 143, August 11, 2020, page H4232.

Related bills 3

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
S 3790	Health Care Emergency Guarantee Act	Related bill	May 20, 2020
S 4490	Make Billionaires Pay Act	Identical bill	Aug 6, 2020
HR 6906	Health Care Emergency Guarantee Act	Related bill	Jul 13, 2020

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To impose an emergency tax on the increase in wealth of billionaires during the COVID-19 pandemic in order to pay out-of-pocket healthcare expenses of the uninsured and under-insured, including prescription drugs, for one year.
Short Title(s) as Introduced: Make Billionaires Pay Act

Subjects

Assigned by the Library of Congress. Policy area: Health.

Text 1

Each version as it was printed, newest first.

Aug 11, 2020Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.