The Comprehensive Social Investment and Tax Fairness Act of 2026
Purpose:
To address pressing social issues, including homelessness, healthcare access, retirement security, and support for the middle class, through targeted funding and tax reforms.
Objectives
- Reduce Homelessness
Allocate funding to provide permanent supportive housing and services for individuals experiencing homelessness. - Enhance Healthcare Access
Expand healthcare coverage and reduce costs for low- and middle-income families. - Strengthen Retirement Security
Increase Social Security benefits and support retirement savings for workers. - Support the Middle Class
Invest in job training, education, and financial relief programs for working families.
Funding Sources
- Elimination of Corporate Subsidies
Phase out unnecessary corporate subsidies, reallocating an estimated $150 billion annually to social programs. - Reduction in Pentagon Budget
Reassess military spending, reducing waste and reallocating $100 billion annually to domestic priorities. - Tax Reforms
- Close Tax Loopholes: Generate approximately $100 billion annually.
- Financial Transaction Tax: 0.1% tax on financial transactions, expected to raise $150 billion annually.
- Carbon Tax: Generate $50 billion annually, promoting environmental sustainability.
- High-Income Tax Policy: Raise the top income tax rate from 37% to 45%, generating $100 billion per year.
- Wealth Tax: 2%-5% on wealth over $25 million, generating $500 billion – $1 trillion annually.
- Enhanced IRS Enforcement
Invest in IRS resources to target tax evasion, particularly offshore accounts, aiming to recover $100 billion – $200 billion annually.
Allocation of Funds
- Homelessness Initiatives
Allocate $20 billion for permanent supportive housing and services. - Healthcare Expansion
Allocate $500 billion for expanding healthcare access and reducing prescription drug costs. - Retirement Security
Allocate $300 billion for increasing Social Security benefits and supporting retirement savings programs. - Middle-Class Support
Allocate $350 billion for job training, education, and financial relief initiatives.
Total Cost: $1.17 trillion
Revenue Generated from Changes
| Source | Revenue |
|---|---|
| Elimination of Corporate Subsidies | $150 billion |
| Reduction in Pentagon Budget | $100 billion |
| Close Tax Loopholes | $100 billion |
| Financial Transaction Tax | $150 billion |
| Carbon Tax | $50 billion |
| High-Income Earners | $100 billion |
| Wealth Tax Revenue | $500 billion – $1 trillion |
| Enhanced IRS Enforcement | $100 billion |
Total Revenue: $1.25 trillion – $1.75 trillion
Reporting and Oversight
- Accountability Measures
- Establish an independent oversight committee to ensure efficient allocation of funds.
- Require annual reports to Congress on the status of funding allocations and outcomes for each initiative.
Effective Date
This Act shall take effect on January 1, 2027, with all provisions implemented as outlined herein.
Conclusion
The Comprehensive Social Investment and Tax Fairness Act of 2026 aims to create a sustainable funding model that addresses critical social needs while promoting tax fairness. By reallocating existing resources and implementing targeted tax reforms, this bill seeks to:
- Enhance the quality of life for all Americans, especially vulnerable populations.
- Ensure the burden of funding these initiatives does not fall disproportionately on the working class.