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Billionaire Minimum Income Tax: Taxing Unrealized Gains

This bill introduces a new minimum tax for individuals and entities with a very high net worth, exceeding $100 million. This tax will be calculated not only on income but also on unrealized gains from held assets, potentially influencing how the wealthiest citizens manage their wealth. The aim is to ensure that individuals with substantial assets pay their fair share of taxes, even if their gains have not yet been realized through asset sales.
Key points
A new 20% minimum tax will be imposed on the sum of taxable income and net unrealized gains (increase in asset value not yet sold).
Applies to individuals with a net worth exceeding $100 million (or $50 million for married individuals filing separately), as well as certain trusts and estates.
Introduces special rules for non-readily tradable assets, allowing tax payments on these to be deferred until the assets are sold or the taxpayer dies.
Provides an option to pay the tax in installments (5 or 9 equal annual installments in the first year).
Requires recognition of gain on certain gifts, charitable contributions, and bequests, even if normally exempt, for taxpayers covered by the new tax.
Establishes a system of tax credits to offset the minimum tax paid against future taxes on realized gains.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_8558
Sponsor: Rep. Cohen, Steve [D-TN-9]
Process start date: 2022-07-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Billionaire Minimum Income Tax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8558.

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 2022-07-28.

What are the main provisions?

Key points include:

  • A new 20% minimum tax will be imposed on the sum of taxable income and net unrealized gains (increase in asset value not yet sold).
  • Applies to individuals with a net worth exceeding $100 million (or $50 million for married individuals filing separately), as well as certain trusts and estates.
  • Introduces special rules for non-readily tradable assets, allowing tax payments on these to be deferred until the assets are sold or the taxpayer dies.
  • Provides an option to pay the tax in installments (5 or 9 equal annual installments in the first year).
  • Requires recognition of gain on certain gifts, charitable contributions, and bequests, even if normally exempt, for taxpayers covered by the new tax.
  • Establishes a system of tax credits to offset the minimum tax paid against future taxes on realized gains.
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. Cohen, Steve [D-TN-9].

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 2025-12-28.

CATEGORIES

Taxes Economy