H.R. 8558 · 117th Congress
Billionaire Minimum Income Tax Act
- Stage
- In committee
- Sponsor
- Steve Cohen
- Introduced
- 2022-07-28
- Latest action
- 2022-07-28 · Introduced in House
Summary
Billionaire Minimum Income Tax Act
This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 20% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. The tax may not exceed 40% of the amount by which the taxpayer's net worth exceeds $100 million.