HR 6498
Billionaire Minimum Income Tax Act
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Bill overview
The Billionaire Minimum Income Tax Act proposes a new minimum tax for high-net-worth individuals. It requires taxpayers with a net worth exceeding $100 million to pay a minimum tax based on 25% of their taxable income plus unrealized capital gains, up to a maximum of 40% of the excess over $100 million. The tax may be adjusted based on a prior tax account balance, and it includes provisions to address the valuation of assets, particularly non-tradable ones, and to account for gratuitous transfers of assets. The bill also establishes a special deferral option account for these taxpayers.
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Primary sponsor
Cosponsors
Barbara Lee
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