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

This act introduces a new annual wealth tax on assets exceeding a certain threshold for individuals and trusts. Its purpose is to tax the wealthiest citizens. Citizens with lower net worth will not be subject to this tax.
Key points
Introduction of an annual wealth tax for individuals and trusts, with varying rates based on asset value.
The tax will apply to wealth exceeding a threshold determined by 1,000 times the median household wealth.
Taxable assets include all property, real or personal, tangible or intangible, with some exclusions for personal property valued under $50,000 not used in business.
Strict penalties for undervaluation of assets are established, along with rules for deceased individuals and non-residents.
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Introduced
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Additional Information
Print number: 119_HR_2912
Sponsor: Rep. Lee, Summer L. [D-PA-12]
Process start date: 2025-04-14