Billionaires Income Tax Act

This bill changes federal income tax rules for individuals who, for each of the 3 prior years, had income over $100 million or covered assets worth over $1 billion, along with certain large trusts and estates. These taxpayers would pay tax each year on the gain or loss in value of publicly traded assets they hold, even if they do not sell them. When they sell assets that are not publicly traded, they would owe an added interest charge on tax that was put off, capped at a set share of the gain. Gifts, transfers in trust, and transfers at death by these taxpayers would be treated as sales at fair market value, with exceptions for transfers to spouses and charities. Tax owed from the first year under these rules could be paid in 5 equal yearly installments.

Full text and official record on Congress.gov

Sponsors

• Ron Wyden Democrat sponsor
• 23 cosponsors