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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
Citizen Poll
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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
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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 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_2912.

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 2025-04-14.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Introduced.

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, Summer L. [D-PA-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 2025-12-22.

CATEGORIES

Taxes Economy