Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) have proposed a 5 percent annual wealth tax on billionaires, which would raise an estimated $4.4 trillion over the next decade. The tax would apply to 938 billionaires in the U.S., who collectively own $8.2 trillion in wealth. The legislation would redistribute this wealth by providing $3,000 direct payments to every household earning less than $150,000 in annual income. The proposal would also reverse the $1.1 trillion cuts to Medicaid and the Affordable Care Act made by President Trump's One Big Beautiful Bill Act and expand Medicare to cover dental, vision and hearing care for millions of senior citizens.