HR 5427
Billionaires Income Tax Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the "Billionaires Income Tax Act," aims to close tax loopholes that allow wealthy individuals, particularly billionaires, to defer paying taxes indefinitely. It proposes to eliminate strategies like ‘buy, borrow, die’ and modify over 30 tax provisions to require annual tax payments. Specifically, the bill seeks to tax income earned on investments annually, prevent the tax-free transfer of assets to heirs, and apply other tax rules more consistently to high-income earners. The goal is to ensure that billionaires pay taxes at a similar rate to other working Americans.
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