H.R. 7767 — Make Billionaires Pay Their Fair Share Act

This section imposes a 5% tax on the net value of all assets held on the last day of the calendar year by applicable taxpayers (i.e., individuals or trusts with net assets exceeding $1 billion, with the threshold inflation-adjusted after 2026 using a cost-of-living adjustment keyed to 2025 and rounded to the nearest $1 million below). Married individuals (as defined in IRC §7703) are treated as one taxpayer. The net value of assets equals the fair market value of all worldwide property (real or personal, tangible or intangible; computed without regard to any secured debts) minus the taxpayer's total debts on the last day of the year. Such value includes property held by the taxpayer's children under age 18; the Secretary of the Treasury must establish valuation rules similar to estate tax rules (IRC chapter 11, part III), with an election available (once every other year) for illiquid assets to use the most recent ascertainable value plus average appreciation for similar assets. Special rules apply as follows: (1) for decedents, the tax applies pro rata through the date of death; (2) grantor trusts, incomplete gift transfers to trusts, and trust aggregation rules (IRC §643(f)) attribute assets to grantors or transferors; (3) nonresident noncitizens are taxed only on net domestic assets (with spouses taxed jointly only if both qualify); and (4) covered expatriates are taxed through the day before expatriation. The Secretary must establish related administrative provisions.

This section requires the Secretary of the Treasury to audit not less than 50% of taxpayers required to pay the tax imposed under new section 2901 of the Internal Revenue Code of 1986 in each calendar year. The section also appropriates, for each fiscal year after enactment, amounts equal to 1% of revenues attributable to that tax for Internal Revenue Service enforcement activities to determine and collect taxes owed under the section.

This section revises IRC §6428B to establish affordability rebates for 2026 (previously titled "2021 recovery rebates to individuals" for one-time Economic Impact Payments). It defines the affordability rebate amount as $3,000 ($6,000 in the case of a joint return) plus $3,000 multiplied by the number of dependents (replacing prior rebate amount); increases phaseout thresholds in subsection (e)(2) to $3,000 for individuals, $6,000 for joint filers, and $3,000 per other filer or dependent (from $1,400, $2,800, and $1,400); changes the base taxable year to 2024 (from 2019); requires payments by January 1, 2026 (from January 1, 2021); and extends program termination to December 31, 2026 (from December 31, 2021), with conforming updates to special rules for 2025 and 2026 (from 2020 and 2021). (Thus, rebates are advance refundable tax credits issuable by Treasury directly to eligible taxpayers.)

This section repeals subtitle B of title VII of Public Law 119–21 (except sections 71202, 71306, and 71401). It further amends the availability of funds under the Children's Health Insurance Program (CHIP) rural health transformation program (42 U.S.C. 1397ee(h)), as added by such law, by (1) revising the heading of paragraph (1)(B) to "Availability of" (from "Unexpended or unobligated"); (2) striking clauses (i) through (iii) of paragraph (1)(B) and inserting a new clause (i) providing that funds allocated to a state from appropriated amounts remain available until expended (subject to clause (ii)); (3) redesignating former clause (iv) as clause (ii); and (4) updating a cross-reference in paragraph (2)(C) to reflect the redesignation. (Thus, state allocations under the program are available indefinitely, replacing prior limits on unexpended or unobligated funds.)

This section expands eligibility for the premium tax credit—under which eligible individuals and families receive refundable credits to help purchase health insurance through Affordable Care Act Marketplaces—by eliminating the 400 percent of the poverty line upper income limit, revising the applicable percentage table that determines the benchmark premium amount as a share of household income, and making conforming amendments striking certain affordability provisions, effective for taxable years beginning after December 31, 2025. Specifically, it replaces the table in IRC §36B(b)(3)(A) with the following sliding scale: (1) up to 150 percent of poverty line, 0 percent to 0 percent; (2) 150 percent up to 200 percent, 0 percent to 2.0 percent; (3) 200 percent up to 250 percent, 2.0 percent to 4.0 percent; (4) 250 percent up to 300 percent, 4.0 percent to 6.0 percent; (5) 300 percent up to 400 percent, 6.0 percent to 8.5 percent; and (6) 400 percent and higher, 8.5 percent to 8.5 percent. (Thus, households above 400 percent of poverty line become eligible for a credit covering premiums exceeding 8.5 percent of income.)

This section establishes Medicare Part B coverage for dental and oral health services (as defined in new subsection 1861(ooo)) furnished by dentists or oral health professionals on or after January 1, 2028 (January 1, 2027, for dentures). Such services include (1) preventive and screening services (i.e., oral exams, dental cleanings, x-rays, fluoride treatments); (2) procedures and treatments for oral disease (e.g., fillings, bridges, crowns, root canals, periodontal scaling, tooth extractions, pulpotomy); and (3) dentures and dental prosthetics (i.e., complete or partial dentures, implants), excluding services permissible under current Medicare exclusion for routine dental care (1862(a)(12)) and nonessential cosmetic services (1862(a)(10)). (As background, Medicare Part B has historically excluded routine dental care except when integral to other covered treatments.) Payments equal 80 percent coinsurance (100 percent for preventive services) of the lesser of the actual charge or a fee schedule amount—equal to 70 percent of the national median fee from the 2020 American Dental Association Survey of Dental Fees ("General Practitioners–National" table), adjusted for inflation via the CPI-U for all urban consumers, productivity, and geographic factors (with oral health professionals paid at 85 percent of such amount)—with the Secretary required to consult annually with dental organizations on fee data.

This section expands the definition of Medicare Part B audiology services under section 1861(ll) to include, beginning January 1, 2028, hearing aid examination services and treatment services (i.e., aural rehabilitation, vestibular rehabilitation, and cerumen management) furnished by qualified audiologists or, for examinations, by qualified hearing aid professionals (i.e., state-licensed or registered hearing aid dispensers, specialists, or instrument dispensers who are nationally accredited or meet Secretary-determined standards); removes the physician order requirement for such audiology services; and establishes payment for hearing aid examinations by qualified hearing aid professionals at 80% of the lesser of the actual charge or 85% of the physician fee schedule amount. This section further includes qualified audiologists and hearing aid professionals among practitioners eligible for assignment-related payments beginning January 1, 2028; adds hearing aids as prosthetic devices under section 1861(s)(8) for beneficiaries with moderately severe, severe, or profound hearing loss; and limits hearing aid payments to assignment-related basis only, once per ear every five years for Secretary-determined appropriate types, and pursuant to a written order from a physician, qualified audiologist or hearing aid professional, physician assistant, nurse practitioner, or clinical nurse specialist.

This section provides Medicare Part B coverage, effective January 1, 2028, for routine vision services (i.e., eye examinations to determine refractive state, furnished by or under the supervision of an ophthalmologist or optometrist), limited to one examination every two years and paid under the physician fee schedule. The section also expands Medicare Part B coverage for conventional eyeglasses to include one pair every two years (previously limited to one pair post-cataract surgery with intraocular lens), paid under competitive acquisition programs beginning no later than January 1, 2030, with payment not to exceed rates under the 2021 General Services Administration Federal Supply Schedule (updated annually); excludes deluxe eyeglasses and conventional reading glasses; and updates statutory exclusions for non-covered routine eye exams and eyeglasses. (As background, Medicare Part B covers outpatient services such as physician visits but has historically excluded routine vision care except for post-cataract eyeglasses or lenses.)

This section establishes a special rule under Medicare Part B (i.e., supplementary medical insurance) for determining the monthly actuarial rate used to calculate enrollees' premiums, the part B deductible, and certain premium subsidies and adjustments for 2027 through 2031, phasing in the impact of dental and oral health coverage added by section 402 of the Medicare Dental, Hearing, and Vision Expansion Act of 2026. (1) For 2027 and 2028, the Secretary must determine and use an alternative actuarial rate for enrollees age 65 and older that excludes costs of the new coverage; (2) for 2029 through 2031, that alternative rate equals the no-new-coverage rate plus 25 percent (2029), 50 percent (2030), or 75 percent (2031) of the difference between the full actuarial rate (including new coverage costs) and the no-new-coverage rate. (Thus, Part B premiums—which are generally 50% of the actuarial rate for those age 65 and older—will fully exclude the new coverage costs initially and incorporate them gradually.)

This section authorizes appropriations of $85,647,000,000 annually to the Housing Trust Fund for FY2026 through FY2035. The Housing Trust Fund provides grants to states for increasing and preserving rental housing for extremely low- and very low-income families, including homeless families, and for increasing homeownership for such families.

This section establishes definitions for the Birth through Five Child Care and Early Learning Entitlement program by incorporating terms from the Child Care and Development Block Grant Act of 1990 (42 U.S.C. 9857 et seq.) and adding the following: (1) child care certificate, a payment issued directly to a parent for licensed child care services (including sectarian providers if parent-chosen); (2) child experiencing homelessness, as defined in the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11434a); (3) eligible activity for a parent, including employment, job search or training, education, health treatment, family violence prevention, specified nutrition or workforce program activities, TANF work activities, or family/medical leave; (4) eligible child, an individual less than 6 years of age and not yet in kindergarten whose family income does not exceed 250% of the state median income (beginning FY2026), who resides with a parent in an eligible activity, is in a vulnerable population (e.g., children with disabilities, experiencing homelessness, in foster or kinship care, or needing child protective services), or resides with a parent over age 65—with eligibility continuing until age 6 or kindergarten entry; and (5) eligible child care provider, a licensed center-based, family, or other compensated provider that participates in the state's quality tiered system within three years of the state's receipt of funds and meets other CCDBG requirements, with existing CCDBG providers deemed eligible for three years if compliant.

This section states the purposes of the title, which are to (1) ensure public elementary and secondary school teachers earn a livable and competitive salary that includes a starting annual base salary of not less than $60,000 and increases regularly throughout a teacher's career; (2) increase federal investments in public schools; and (3) call upon states and local governments to increase investments in public education to ensure every public school student is taught by a qualified teacher.

This section establishes definitions for terms used in this title, including "annual adjustment percentage" (i.e., estimated percentage change in the Consumer Price Index for the prior calendar year); "annual base salary" (i.e., full-time teacher's base pay excluding additional compensation, bonuses, stipends, or awards); "average teacher salary baselines" (i.e., statewide average annual base salaries of full-time teachers for 0, 3, 5, 10, 15, 20, and 25 years of service); "Consumer Price Index" (as defined in 20 U.S.C. 1087rr(f)); "minimum salary for teachers" (i.e., state-determined minimum annual base salary for full-time teachers employed by local educational agencies, with first-year teachers at not less than $60,000 for FY2027 through FY2031 and inflation-adjusted thereafter and more experienced teachers at higher amounts that increase with experience); "Secretary" (i.e., Secretary of Education); and "teacher" (i.e., certified full-time public elementary or secondary school teaching staff, including certain special education teachers and other personnel on the teacher salary schedule).

This section establishes a competitive teacher salary grant program, authorizing appropriations for FY2027 and each succeeding fiscal year and appropriating $14.5 billion for FY2027 (with subsequent annual amounts increased by the annual adjustment percentage). From appropriated amounts, the Secretary reserves 0.5% for outlying areas, 0.5% for Bureau of Indian Education-funded schools, and 1% for administration, technical assistance, and data collection; remaining funds are allotted 50% according to a targeted formula based on states' prior-year allocations under ESEA Title I Basic Grants (20 U.S.C. 6335) and 50% according to the Education Finance Incentive Grant (EFIG) formula based on prior-year EFIG allocations (20 U.S.C. 6337). Grants enable states with approved plans to guarantee that full-time teachers employed by local educational agencies receive an annual base salary that is at least a state-established minimum, increases with experience, and is commensurate—to the greatest extent practicable—with salaries of similarly experienced college-educated professionals in the region; states must adopt policies such as a statewide salary schedule or minimum starting salary to achieve compliance.

This section clarifies that section 703 does not alter rights, remedies, or procedures for school or local educational agency employees under federal, state, or local laws (including regulations or court orders) or collective bargaining agreements, subject to the requirement that states, local educational agencies, and schools comply with section 703 (including through negotiation under state labor laws). The section further clarifies that section 703 does not prohibit states or local educational agencies from supplementing teachers' or other staff's annual base salary for additional skills, knowledge, duties, or responsibilities; through supplemental pay systems; or via bonuses, stipends, or awards.

This section appropriates $130 million for FY2027, to remain available until expended, for the Secretary of Health and Human Services to award home and community-based services (HCBS) improvement planning grants to all qualifying states no later than 12 months after enactment of this Act. States must use grants to develop and submit, within 24 months of award, an HCBS improvement plan for Secretary approval—assessing HCBS access barriers and availability, Medicaid payment rates, direct care worker workforce, the percentage of state long-term services and supports expenditures for HCBS, and compliance plans for the HCBS Improvement Program (established under new SSA §1905(ll))—with assurances of implementation; states may use funds for initial plan implementation, but not as the non-federal Medicaid match. The section further appropriates $5 million for FY2027, to remain available until expended, for guidance, technical assistance to grant applicants and recipients, and related administrative costs; and defines terms including HCBS (i.e., specified Medicaid services such as home health, personal care, and §1915 waivers), direct care worker (e.g., nurses, aides, personal attendants), and HCBS Improvement Program State.

This section establishes an increased Federal Medical Assistance Percentage (FMAP) of 8 percentage points (not to exceed 95 percent) for Medicaid expenditures on home and community-based services (HCBS) in designated HCBS Improvement Program States that meet nonsupplantation and maintenance-of-effort requirements during fiscal quarters beginning on or after the state's initial designation date. (As background, HCBS enable Medicaid-eligible elderly individuals and those with disabilities or long-term care needs to receive care in home or community settings rather than institutions.) It further increases the FMAP by 2 percentage points (not to exceed 95 percent) for such HCBS expenditures during the first six fiscal quarters a qualifying state implements an approved HCBS improvement program. The section also provides Federal Financial Participation for specified administrative costs to expand and enhance HCBS—including workforce training, data infrastructure, and ombudsman activities—at the greater of 80 percent or the otherwise applicable rate through September 30, 2036 (available prior to meeting other requirements); such FMAP increases do not apply in calculating the Children's Health Insurance Program enhanced FMAP.

This section appropriates $40 million for FY2027 to the Secretary of Health and Human Services, in addition to amounts otherwise available and to remain available until expended, for federal activities related to Medicaid home and community-based services (HCBS). The funding supports implementation of section 802 (including its amendments) through issuance of guidance and technical assistance to states and program integrity and oversight efforts.

This section appropriates $25 million to the Secretary for FY2027 (available until expended, in addition to other amounts) to develop, in consultation with nongovernmental stakeholders (including HCBS recipients and providers), a recommended set of home and community-based services (HCBS) quality measures that reflect the full range of HCBS and their recipients. (HCBS are Medicaid-funded long-term services and supports provided in home and community settings rather than institutions, primarily serving older adults and individuals with disabilities.)

This section eliminates the state option and expands the scope of Medicaid spousal impoverishment protections—rules that limit the community spouse's share of a couple's income and resources available for one spouse's long-term care services—to individuals eligible for home and community-based services (HCBS) under subsections (c), (d), or (i) of section 1915 of the Social Security Act; section 1115 waivers; section 1902(a)(10)(C); section 1902(f); income reductions based on medical or remedial care costs; or section 1915(k) attendant services and supports (previously limited, at state option, to those described in section 1902(a)(10)(A)(ii)(VI)). It makes these protections permanent by extending them through the date of enactment of this Act (from September 30, 2027).

This section permanently extends the Money Follows the Person Rebalancing demonstration (from through FY2029). (As background, the demonstration provides enhanced federal Medicaid matching funds to states that assist eligible individuals in transitioning from institutional settings, such as nursing facilities, to home- and community-based long-term services and supports.)