S 2845
Billionaires Income Tax Act
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 8:48 AM
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Billionaires Income Tax Act aims to close tax loopholes that allow wealthy individuals to defer paying taxes indefinitely. Specifically, it seeks to eliminate strategies like ‘buy, borrow, die’ by requiring billionaires to pay taxes annually on their income. The bill modifies over 30 tax provisions and includes provisions related to mark-to-market taxation, expatriates, and transfers of assets. It also addresses issues like like-kind exchanges and trusts, ultimately aiming to ensure that high-income earners pay taxes at a similar rate to other taxpayers.
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