A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.

S.3956, the "Make Billionaires Pay Their Fair Share Act," was introduced in the Senate on March 2, 2026, by Senator Sanders and has been referred to the Committee on Finance. This bill proposes to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer. As of today, April 7, 2026, the bill is in the early stages of the legislative process, having only been introduced and referred to committee. The bill's core mechanism is the imposition of a wealth tax, which would directly increase the tax liabilities of high-net-worth individuals. While the bill outlines various spending provisions for affordability rebates, healthcare, housing, childcare, and teacher salaries, these are contingent on the implementation and revenue generation of the wealth tax. The bill does not specify an explicit funding amount for these programs at this stage, as the revenue generation is dependent on the wealth tax's collection. Therefore, no direct appropriation is made by this bill; it establishes a new tax mechanism to fund future potential appropriations. Structural winners and losers would emerge if this bill were to pass. High-net-worth individuals, and by extension, companies whose valuations are significantly tied to these individuals' wealth (e.g., luxury goods, high-end real estate, certain investment vehicles), could face headwinds due to potential capital reallocation or increased tax burdens. Financial institutions such as JPMorgan Chase & Co. ($JPM), Bank of America Corporation ($BAC), Wells Fargo & Company ($WFC), The Goldman Sachs Group, Inc. ($GS), and BlackRock, Inc. ($BLK) could see impacts related to wealth management services and investment strategies for their high-net-worth clients. Companies like Berkshire Hathaway Inc. ($BRK-A), Microsoft Corporation ($MSFT), Apple Inc. ($AAPL), Amazon.com, Inc. ($AMZN), and Alphabet Inc. ($GOOGL), while not directly taxed by the wealth tax, could be indirectly affected by changes in investment patterns or capital availability among the wealthy. Conversely, sectors benefiting from the proposed spending (healthcare, housing, education) could see increased demand, but this is speculative given the early stage of the bill and the contingent nature of the funding. Recent market data shows varied performance among the listed companies. Over the past 7 days, Microsoft ($MSFT) is up +3.88%, Apple ($AAPL) is up +4.96%, Amazon ($AMZN) is up +5.89%, Alphabet ($GOOGL) is up +9.69%, JPMorgan Chase & Co. ($JPM) is up +4.12%, Bank of America Corporation ($BAC) is up +5.99%, Wells Fargo & Company ($WFC) is up +6.58%, The Goldman Sachs Group, Inc. ($GS) is up +7.24%, and BlackRock, Inc. ($BLK) is up +2.71%. Berkshire Hathaway Inc. ($BRK-A) shows a modest 7-day increase of +0.53%. Over the past 30 days, Berkshire Hathaway Inc. ($BRK-A) is down -4.56%, Microsoft ($MSFT) is down -9.2%, Apple ($AAPL) is down -0.55%, Amazon ($AMZN) is down -2.81%, Alphabet ($GOOGL) is down -0.3%, while JPMorgan Chase & Co. ($JPM) is up +0.65%, Bank of America Corporation ($BAC) is up +0.5%, Wells Fargo & Company ($WFC) is down -0.32%, The Goldman Sachs Group, Inc. ($GS) is up +3.66%, and BlackRock, Inc. ($BLK) is down -7.3%. The bill is in its initial stages, requiring committee consideration, potential amendments, and votes in both the Senate and House before it could become law.