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Ultra-Millionaire Tax Act: New Wealth Tax Rules and Obligations

This act introduces a new wealth tax for individuals and trusts with net assets exceeding $50 million. The aim is to increase government revenue, potentially funding public programs like universal health insurance. Citizens with assets below this threshold will not be affected by the new tax.
Key points
A new wealth tax applies to individuals and trusts with net assets over $50 million.
The tax rate is 2% for assets between $50 million and $1 billion, and 3% (or 6% if universal health insurance is enacted) for assets over $1 billion.
Detailed rules for asset valuation, including non-public assets, and penalties for undervaluation are introduced.
The act provides increased funding for the IRS to enforce the new regulations and improve taxpayer services.
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Expired
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Additional Information
Print number: 117_S_510
Sponsor: Sen. Warren, Elizabeth [D-MA]
Process start date: 2021-03-01
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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

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_S_510.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

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 assets between $50 million and $1 billion, and 3% (or 6% if universal health insurance is enacted) for assets over $1 billion.
  • Detailed rules for asset valuation, including non-public assets, and penalties for undervaluation are introduced.
  • The act provides increased funding for the IRS to enforce the new regulations and improve taxpayer services.
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 Sen. Warren, Elizabeth [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy Health