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This bill would impose a 5 percent annual wealth tax on individuals and trusts with net assets exceeding $1 billion, adjusted annually for inflation. The bill also includes provisions expanding Medicare coverage to dental, hearing, and vision care; establishing an affordability rebate program; creating a housing trust fund; funding affordable child care; setting a $60,000 minimum salary for public school teachers; and investing in home and community-based services for long-term care. Revenue from the wealth tax would fund these social and healthcare programs.
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