A new Senate and House proposal would tax America’s wealthiest citizens and send the money directly to working and retired households. Here’s what it could mean for your finances.

A bold new tax proposal making its way through Washington could put real money back in the hands of everyday Americans—including retirees living on Social Security benefits, fixed incomes, and retirement savings accounts.

Senators and House members are pushing a plan that would impose a 5% annual wealth tax on America’s billionaires and redirect a portion of the proceeds directly to households earning $150,000 or less.

Here’s what you need to know—and how it could affect your retirement income planning.