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Wealth Tax for Ultra-Millionaires: New Rates and IRS Enforcement Boost.

This bill introduces a new annual tax on the net wealth of individuals whose assets exceed $50 million. The legislation aims to tax the wealthiest taxpayers and authorizes significant funding for the Internal Revenue Service (IRS) for enforcement and modernization. These changes also include new reporting requirements and asset valuation rules.
Key points
A new wealth tax is imposed: 2% annually on net assets exceeding $50 million, up to $1 billion.
Top tax rate: 3% on wealth over $1 billion, potentially rising to 6% if legislation establishing a universal health insurance program is in effect.
Stronger enforcement: The IRS must audit at least 30% of these taxpayers annually, and the bill authorizes $100 billion for fiscal years 2024-2034 for enforcement, taxpayer services, and system modernization.
Exclusions: Tangible personal property valued at $50,000 or less is excluded, unless it is a collectible, boat, aircraft, vehicle, or other asset that maintains or increases its value.
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Additional Information
Print number: 118_HR_7749
Sponsor: Rep. Jayapal, Pramila [D-WA-7]
Process start date: 2024-03-20
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OFFICIAL LEGAL TITLE

Ultra-Millionaire Tax Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7749.

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 2024-03-20.

What are the main provisions?

Key points include:

  • A new wealth tax is imposed: 2% annually on net assets exceeding $50 million, up to $1 billion.
  • Top tax rate: 3% on wealth over $1 billion, potentially rising to 6% if legislation establishing a universal health insurance program is in effect.
  • Stronger enforcement: The IRS must audit at least 30% of these taxpayers annually, and the bill authorizes $100 billion for fiscal years 2024-2034 for enforcement, taxpayer services, and system modernization.
  • Exclusions: Tangible personal property valued at $50,000 or less is excluded, unless it is a collectible, boat, aircraft, vehicle, or other asset that maintains or increases its value.
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. Jayapal, Pramila [D-WA-7].

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 2025-12-30.

CATEGORIES

Taxes Economy