Ultra-Millionaire Tax Act: New annual wealth tax for the wealthiest
This bill introduces a yearly tax on individuals with assets worth over $50 million to fund IRS modernization and potential healthcare reform. It targets net wealth, including real estate and investments, while exempting most personal belongings under $50,000.
Key points
2% annual tax on net wealth between $50 million and $1 billion.
3% tax on wealth exceeding $1 billion, potentially rising to 6% if universal healthcare is established.
Mandatory IRS audits for at least 30% of taxpayers subject to this wealth tax.
Exemption for tangible personal property valued at $50,000 or less.
Authorization of $100 billion for IRS enforcement, taxpayer services, and system modernization over 10 years.
Status:
Introduced
CIVIC WILL RECORD
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.