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Billionaires Income Tax and Closing of Tax Loopholes

This bill requires individuals with over $1 billion in assets or $100 million in annual income to pay taxes every year on the increase in value of their investments, even if they haven't sold them. It aims to stop the ultra-wealthy from avoiding taxes indefinitely through strategies like borrowing against their assets instead of selling them.
Key points
Implementation of an annual tax on the growth of tradable assets (like stocks) for billionaires, regardless of whether they are sold.
Application of an interest charge on deferred taxes when selling non-tradable assets (like private businesses) to offset the benefit of delaying payment.
Treatment of gifts and bequests as taxable sales to prevent tax-free wealth transfer.
Closing loopholes related to life insurance and deferred compensation used by the wealthy to avoid taxes.
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Status: Introduced
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Additional Information
Print number: 119_HR_5427
Sponsor: Rep. Cohen, Steve [D-TN-9]
Process start date: 2025-09-17
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Billionaires Income Tax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_5427.

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 2025-09-17.

What are the main provisions?

Key points include:

  • Implementation of an annual tax on the growth of tradable assets (like stocks) for billionaires, regardless of whether they are sold.
  • Application of an interest charge on deferred taxes when selling non-tradable assets (like private businesses) to offset the benefit of delaying payment.
  • Treatment of gifts and bequests as taxable sales to prevent tax-free wealth transfer.
  • Closing loopholes related to life insurance and deferred compensation used by the wealthy to avoid taxes.
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. Cohen, Steve [D-TN-9].

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 2026-01-19.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy