New Billionaire Tax: Annual Wealth Levy and Tax on Asset-Backed Loans
This act imposes a 5% annual tax on wealth exceeding $1 billion and treats loans secured by assets as taxable income. It aims to ensure the ultra-wealthy pay a fair share by closing loopholes used to avoid traditional income tax.
Key points
A 5% annual tax is imposed on net worth exceeding $1 billion.
Loans taken against stocks or property are now treated as taxable realization events.
Exemptions for primary residences up to $5 million and legitimate business expenses.
Taxpayers can pay their liability using assets (payment-in-kind) to avoid forced liquidations.
A 40% surcharge exit tax for billionaires attempting to renounce citizenship to evade the levy.
Status:
Initiative
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