H.R. 4919 · 118th Congress
Oligarch Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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LeeSponsor22 cosponsors · 22 D
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Bowman
RG
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Grijalva
CG
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García
JH
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Huffman
SL
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Lee
JN
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Nadler
IO
D
Omar
JR
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Raskin
RT
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Tlaib
BW
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Watson Coleman
CB
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Bush
MD
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DeSaulnier
VF
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Foushee
EN
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Norton
MD
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Dean
MF
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Frost
JS
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Schakowsky
KP
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Porter
AS
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Salinas
GC
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Casar
DR
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Ramirez
JM
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McGovern10 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 a taxpayer as of the last day of any calendar year (wealth tax). The amount of such tax is equal to certain percentages of the net value of all taxable assets of the taxpayers that exceed a specified threshold amount.
What it does: CRS summary · Introduced in House · Jul 26, 2023
Oligarch Act of 2023
This bill imposes a tax on the net value of all taxable assets of a taxpayer as of the last day of any calendar year (wealth tax). The amount of such tax is equal to certain percentages of the net value of all taxable assets of the taxpayers that exceed a specified threshold amount. The bill defines net value of all taxable assets as the excess of the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated, over 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, or collectibles.
The Internal Revenue Service (IRS) must report on the net value of assets subject to the wealth tax within one year after the enactment of this bill and must annually audit not less than 30% of taxpayers required to pay the tax. The IRS may extend payment of the tax for a reasonable period (not to exceed 5 years) for taxpayers with severe liquidity constraints or for whom immediate payment would impose an undue hardship.
The bill provides for enhanced penalties for understatements of the value of property subject to the wealth tax.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Oligarch Act of 2023
Latest action (Jul 26, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 26, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.