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Annual Tax on Billionaires' Unrealized Gains and Closing Tax Loopholes

This bill mandates that the wealthiest Americans pay taxes annually on the increase in the value of their assets, even if those assets have not been sold. It aims to close legal loopholes that allow billionaires to defer tax payments indefinitely and avoid taxation when transferring wealth to heirs.
Key points
The new rules apply to taxpayers who met an income test of over $100 million or an asset test of over $1 billion for 3 consecutive years.
Tradable assets, such as stocks, will be taxed annually based on their market value increase (mark-to-market), rather than only upon sale.
Transferring assets via gift, bequest, or trust will be treated as a taxable sale.
An interest charge mechanism is introduced for the sale of nontradable assets to recoup the value of deferred taxes.
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Status: Introduced
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Additional Information
Print number: 119_S_2845
Sponsor: Sen. Wyden, Ron [D-OR]
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_S_2845.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-09-17.

What are the main provisions?

Key points include:

  • The new rules apply to taxpayers who met an income test of over $100 million or an asset test of over $1 billion for 3 consecutive years.
  • Tradable assets, such as stocks, will be taxed annually based on their market value increase (mark-to-market), rather than only upon sale.
  • Transferring assets via gift, bequest, or trust will be treated as a taxable sale.
  • An interest charge mechanism is introduced for the sale of nontradable assets to recoup the value of deferred 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 Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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