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Ultra-Millionaire Tax: New wealth tax thresholds and asset valuation rules

This Act introduces a new wealth tax applicable only to individuals and trusts with net assets exceeding $50 million. The bill establishes tax rates, asset valuation rules, and imposes new reporting obligations. It also stipulates a higher tax rate if comprehensive national health insurance legislation is in effect and authorizes additional funding for the IRS.
Key points
A new wealth tax applies to individuals and trusts with net assets over $50 million.
The tax rate is 2% for net assets between $50 million and $1 billion, and 3% (or 6% if comprehensive national health care legislation is in effect) for assets exceeding $1 billion.
Strict rules for valuing non-publicly traded assets are established, along with increased penalties for substantial wealth tax valuation understatements.
The bill authorizes funding increases for the IRS totaling $100 billion over fiscal years 2022-2032 for enforcement, taxpayer services, and system modernization.
Married individuals are treated as a single taxpayer, and rules are included to prevent tax avoidance through transfers to trusts or minor family members.
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Expired
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Additional Information
Print number: 117_HR_1459
Sponsor: Rep. Jayapal, Pramila [D-WA-7]
Process start date: 2021-03-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ultra-Millionaire Tax Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1459.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-01.

What are the main provisions?

Key points include:

  • A new wealth tax applies to individuals and trusts with net assets over $50 million.
  • The tax rate is 2% for net assets between $50 million and $1 billion, and 3% (or 6% if comprehensive national health care legislation is in effect) for assets exceeding $1 billion.
  • Strict rules for valuing non-publicly traded assets are established, along with increased penalties for substantial wealth tax valuation understatements.
  • The bill authorizes funding increases for the IRS totaling $100 billion over fiscal years 2022-2032 for enforcement, taxpayer services, and system modernization.
  • Married individuals are treated as a single taxpayer, and rules are included to prevent tax avoidance through transfers to trusts or minor family members.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Jayapal, Pramila [D-WA-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy Public Investments