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Wealth Tax: New Rules for High-Net-Worth Individuals and Trusts.

This bill introduces a new annual wealth tax on the net value of assets held by individuals and trusts above a certain threshold. The aim is to tax the wealthiest citizens, potentially impacting government revenue and public services. Citizens with lower wealth will not be subject to this tax.
Key points
Introduction of an annual wealth tax for individuals and trusts, based on the net value of their assets.
The tax will be progressive for individuals, with rates ranging from 2% to 8% depending on the wealth exceeding the threshold.
The tax threshold will be set annually based on the greater of $50,000 or 1,000 times the median U.S. household wealth.
Detailed rules for asset valuation, including non-publicly traded assets, and specific provisions for trusts and married individuals will be established.
The bill mandates reporting of wealth information, imposes penalties for undervaluation, and allows for payment extensions in cases of severe liquidity constraints.
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Expired
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Additional Information
Print number: 118_HR_4919
Sponsor: Rep. Lee, Barbara [D-CA-12]
Process start date: 2023-07-26
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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

Oligarch Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4919.

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 2023-07-26.

What are the main provisions?

Key points include:

  • Introduction of an annual wealth tax for individuals and trusts, based on the net value of their assets.
  • The tax will be progressive for individuals, with rates ranging from 2% to 8% depending on the wealth exceeding the threshold.
  • The tax threshold will be set annually based on the greater of $50,000 or 1,000 times the median U.S. household wealth.
  • Detailed rules for asset valuation, including non-publicly traded assets, and specific provisions for trusts and married individuals will be established.
  • The bill mandates reporting of wealth information, imposes penalties for undervaluation, and allows for payment extensions in cases of severe liquidity constraints.
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. Lee, Barbara [D-CA-12].

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 2025-12-25.

CATEGORIES

Taxes Economy