S. 510 · 117th Congress
Ultra-Millionaire Tax Act of 2021
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarrenSponsor8 cosponsors · 7 D, 1 I
7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill imposes a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax).
What it does: CRS summary · Introduced in Senate · Mar 1, 2021
Ultra-Millionaire Tax Act of 2021
This bill imposes a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax). The amount of such tax shall be equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion. There is no tax on the net value of taxable assets not in excess of $50 million.
The bill defines net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer. The definition excludes property with a value of $50,000 or less, tangible personal property, certain property used in a trade or business, and collectibles.
The Internal Revenue Service (IRS) must audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill.
The bill provides funding to the IRS for FY2022-FY2032 for enforcement of the requirements of this bill, taxpayer services, and for business system modernization.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ultra-Millionaire Tax Act of 2021
Latest action (Mar 1, 2021): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 1, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.