H.R. 7749 · 118th Congress
Ultra-Millionaire Tax Act of 2024
- Stage
- In committee
- Sponsor
- Pramila Jayapal
- Introduced
- 2024-03-20
- Latest action
- 2024-03-20 · Introduced in House
Summary
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.