HR 4919
Oligarch Act of 2023
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- Passed House
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Bill overview
The Oligarch Act of 2023 introduces a new wealth tax on U.S. taxpayers. It requires individuals and trusts with significant net asset value to pay a percentage of their assets exceeding a specified threshold. The tax is calculated based on the amount of assets above this threshold, with rates increasing as the asset value rises. The IRS is required to report on the tax and audit a portion of taxpayers, and there are provisions for extended payment timelines and increased penalties for underreporting.
Sponsors
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Primary sponsor
Barbara Lee
Cosponsors
Cori Bush
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