India, March 14 -- Millions of Americans may benefit from a potential $3,000 payment as part of a new bill that proposes a 5% federal wealth tax on billionaires.

Last week, Senator Bernie Sanders, an independent from Vermont, along with Representative Ro Khanna, a Democrat from California, introduced the Make Billionaires Pay Their Fair Share Act. This legislation aims to implement a 5% annual wealth tax on the 938 billionaires residing in the US, as stated in the press release.

The bill is anticipated to raise $4.4 trillion over the next ten years, which would be used to support social programs, including a direct payment of $3,000 to specific groups within the US.

The payment will be allocated to every person in households with an an...