A progressive proposal that would send $3,000 direct payments to millions of Americans is picking up support in Congress, with additional lawmakers signing on as co-sponsors in both the House and Senate.
The Make Billionaires Pay Their Fair Share Act would fund the payments through a 5 percent annual tax on billionaire wealth. Under the plan, individuals in households earning $150,000 or less per year would receive $3,000, with larger households potentially receiving more since the benefit is calculated per person.
Revenue from the wealth tax would also fund expanded spending on health care, housing, education and child care.
Current co-sponsors include Senators Bernie Sanders of Vermont and Chris Van Hollen of Maryland, and Representatives Ro Khanna of California, Seth Magaziner of Rhode Island, Rosa DeLauro of Connecticut, Rashida Tlaib of Michigan and Mike Quigley of Illinois. No Republicans have signed on.
The legislation faces long odds in a Republican-controlled Congress, though supporters say the payments would provide immediate relief for families struggling with rising rents, child-care costs and medical bills.
