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.
Status:
Expired
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