Billionaire Minimum Income Tax: New Rules for Wealth Taxation
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 on taxable income and unrealized gains from assets, meaning that even unsold assets could be subject to taxation. The goal is to ensure that the wealthiest citizens pay their fair share of taxes, regardless of whether their gains have been realized through asset sales.
Key points
New 25% minimum tax for individuals and entities with a net worth over $100 million.
Tax will be calculated on income and unrealized gains from assets like stocks or real estate, even if not sold.
Option to defer tax payments on illiquid assets (e.g., private businesses) until they are sold or upon the taxpayer's death.
Introduction of special rules for gifts, inheritances, and other asset transfers, which may be treated as taxable events.
Possibility to pay the tax in installments (up to 5 or 9 years in the first year of the act).
Requirement to report detailed information on asset values and liabilities for those subject to the tax.
Congress supports states taxing extreme wealth, potentially leading to additional state-level taxes.
Expired
Citizen Poll