To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.
Ultra-Millionaire Tax Act of 2024
This bill imposes a tax on the net value of all taxable assets of a taxpayer on the last day of any calendar year (i.e., a wealth tax). The amount of such tax is equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million, but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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