Ultra-Millionaire Tax Act of 2024

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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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.

D JayapalSponsor

37 cosponsors · 37 D

33 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 on the last day of any calendar year (i.e., a wealth tax).

What it does: CRS summary · Introduced in House · Mar 20, 2024

Ultra-Millionaire Tax Act of 2024

This bill imposes a tax on the net value of all taxable assets of a taxpayer on the last day of any calendar year (i.e., a wealth tax). The amount of such tax is 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.

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 2024

Latest action (Mar 20, 2024): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 20, 2024

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.