Rep. Omar, Sen. Sanders Push For 'Make Billionaires Pay' Act

WASHINGTON, D.C. — Rep. Ilhan Omar introduced the Make Billionaires Pay Act, a bill the progressive legislator says will tax "the obscene wealth increases raked in by billionaires during the ongoing pandemic" and use it to pay for medical expenses "of working-class Americans."

This legislation is the House counterpart to Sen. Bernie Sanders’ bill.

Omar's proposal would establish a 60 percent tax on the gains in wealth that billionaires make between March 18, 2020 and Jan. 1, 2021.

Only those with a net worth of $1 billion or more would be taxed. The bill would raise $421.7 billion in revenue and allow Medicare to pay for the out-of-pocket healthcare expenses for all Americans for a year, according to Omar's office.

"It is shameful that billionaires profit off the suffering of working families as the pandemic ravages the economy and kills thousands of Americans every day," Omar said in a news release.

"For far too long, the richest 0.001% of America, have avoided paying their fair share in taxes. This bill will go a long way towards addressing our nation’s massive wealth inequality and finally guaranteeing healthcare as a human right. Nothing could be more important in the midst of a global pandemic than ensuring quality healthcare for every American."

Omar is currently in a contentious primary race for her seat in Congress. Her opponent, Antone Melton-Meaux, was recently endorsed by the Star Tribune.