Billionaires Income Tax Act

This bill would change federal income tax rules for taxpayers with more than $100 million in yearly income or more than $1 billion in assets for three years in a row. These taxpayers would pay tax each year on gains in the value of publicly traded assets, even if they do not sell them. When they sell other assets, such as private business interests or real estate, they would owe an added interest charge on tax that was put off over the years. Giving assets away or passing them on at death would be treated as a sale, with exceptions for transfers to a spouse or to charity. The bill also lets a taxpayer pay the first year's added tax in five yearly installments and changes several other tax provisions for these taxpayers.

Full text and official record on Congress.gov

Sponsors

• Steve Cohen Democrat sponsor
• 33 cosponsors