r/PeopleDoGood

Sen. Bernie Sanders and Rep. Ro Khanna introduced the “Make Billionaires Pay Their Fair Share Act” on Monday, a proposed 5% annual wealth tax on individuals with a net worth of $1 billion or more. Sanders estimates a total of 938 billionaires live in the U.S. and hold a collective $8.2 trillion.

That $8.2 trillion won’t only go into the government’s coffers. The proposed bill has some of that revenue going back into your pockets. In its first year, tax revenue would go toward a one-time $3,000 check for every person living in a lower- or middle-income household, or those earning $150,000 or less.