H.R. 6498 · 118th Congress
Billionaire Minimum Income Tax Act
- Stage
- In committee
- Sponsor
- Steve Cohen
- Introduced
- 2023-11-29
- Latest action
- 2023-11-29 · 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 25% 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.