Referred to the House Committee on Ways and Means.
This bill adds a new Subtitle B–1 to the Internal Revenue Code creating an annual wealth tax on individuals and most trusts. A multi-tier rate schedule taxes net wealth above a threshold (based on 1,000 times the greater of $50,000 or annual median household wealth): 2%, 4%, 6%, and 8% across increasing bands; trusts face an 8% rate above the threshold.
Administrative feasibility and valuation rules versus desire for robust enforcement
Relative to its intended legislative type, this bill is a substantive tax statute that is detailed in core tax mechanics and legal integration but relies on delegated rulemaking for major technical and operational elements and does not address administrative resourcing or explicit fiscal impacts.
This bill adds a new Subtitle B–1 to the Internal Revenue Code creating an annual wealth tax on individuals and most trusts.
A multi-tier rate schedule taxes net wealth above a threshold (based on 1,000 times the greater of $50,000 or annual median household wealth): 2%, 4%, 6%, and 8% across increasing bands; trusts face an 8% rate above the threshold.
The measure requires valuation rules and information reporting within 12 months, mandates annual audits of at least 30% of taxpayers subject to the tax, disallows an income tax deduction for the wealth tax, and permits limited payment extensions for liquidity hardship.
Sweeping, controversial tax with major implementation and legal risks and limited built-in bipartisan tradeoffs makes enactment unlikely.
Relative to its intended legislative type, this bill is a substantive tax statute that is detailed in core tax mechanics and legal integration but relies on delegated rulemaking for major technical and operational elements and does not address administrative resourcing or explicit fiscal impacts.
Administrative feasibility and valuation rules versus desire for robust enforcement
These are examples from the analysis, not a ranked list of the most-affected groups.
Administrative feasibility and valuation rules versus desire for robust enforcement
Likely broadly supportive: views the bill as a tool to tax extreme wealth and reduce inequality.
Sees trusts and attribution rules as closing common avoidance routes.
Would push for vigorous enforcement and directing revenue toward social programs.
Cautiously receptive but skeptical about implementation.
Supports taxing extreme wealth in principle, but worries about administrative feasibility, constitutional risk, and unintended burdens on illiquid owners.
Likely strongly opposed: views the bill as punitive, constitutionally risky, and harmful to investment and property rights.
Objects to expanded IRS authority and mandatory high audit rates.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Sweeping, controversial tax with major implementation and legal risks and limited built-in bipartisan tradeoffs makes enactment unlikely.
The bill has not accumulated any surfaced votes yet.
Administrative feasibility and valuation rules versus desire for robust enforcement
Sweeping, controversial tax with major implementation and legal risks and limited built-in bipartisan tradeoffs makes enactment unlikely.
Relative to its intended legislative type, this bill is a substantive tax statute that is detailed in core tax mechanics and legal integration but relies on delegated rulemaking for major technical and operational eleme…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.