Wealth Tax on Ultra-Millionaires: New Rates and Enhanced IRS Enforcement
This bill establishes an annual tax on the net wealth of individuals whose assets exceed $50 million. While this tax directly affects the wealthiest taxpayers, it includes provisions regarding potential universal healthcare legislation and boosts IRS enforcement capabilities. The law authorizes $100 billion for IRS operations, taxpayer services, and modernization over the fiscal years 2024 through 2034.
Key points
A new annual wealth tax applies only to individuals with net assets exceeding $50 million.
Tax rates are 2% for wealth between $50 million and $1 billion, and 3% for wealth above $1 billion (rising to 6% if specific universal healthcare legislation is in effect).
The law mandates annual audits of at least 30% of taxpayers subject to this wealth tax and introduces penalties for substantial wealth tax valuation understatements.
The bill authorizes $100 billion in funding for the IRS for fiscal years 2024 through 2034 to improve enforcement, taxpayer services, and system modernization.
Status:
Expired
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