Ultra-Millionaire Tax Act of 2021
Latest action · Mar 1, 2021 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 1, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Ultra-Millionaire Tax Act of 2021
This bill imposes a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax). The amount of such tax shall be equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion. There is no tax on the net value of taxable assets not in excess of $50 million.
The bill defines net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer. The definition excludes property with a value of $50,000 or less, tangible personal property, certain property used in a trade or business, and collectibles.
The Internal Revenue Service (IRS) must audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill.
The bill provides funding to the IRS for FY2022-FY2032 for enforcement of the requirements of this bill, taxpayer services, and for business system modernization.
Cosponsors 32
Members who signed on, in the order they did. Signatures ran from Mar 1, 2021 to Oct 4, 2022; 19 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Adam Smith | Original | Mar 1, 2021 |
| D-NY | Alexandria Ocasio-Cortez | Original | Mar 1, 2021 |
| D-MA | Ayanna Pressley | Original | Mar 1, 2021 |
| D-CA | Barbara Lee | Original | Mar 1, 2021 |
| D-NJ | Bonnie Watson Coleman | Original | Mar 1, 2021 |
| D-PA | Brendan F. Boyle | Original | Mar 1, 2021 |
| D-MO | Cori Bush | Original | Mar 1, 2021 |
| D-PA | Dwight Evans | Original | Mar 1, 2021 |
| D-DC | Eleanor Holmes Norton | Original | Mar 1, 2021 |
| D-MN | Ilhan Omar | Original | Mar 1, 2021 |
| D-NY | Jamaal Bowman | Original | Mar 1, 2021 |
| D-MA | James P. McGovern | Original | Mar 1, 2021 |
| D-IL | Janice D. Schakowsky | Original | Mar 1, 2021 |
| D-IL | Jesús G. "Chuy" García | Original | Mar 1, 2021 |
| D-CA | Judy Chu | Original | Mar 1, 2021 |
| D-CA | Mark Takano | Original | Mar 1, 2021 |
| D-NY | Mondaire Jones | Original | Mar 1, 2021 |
| D-AZ | Raúl M. Grijalva | Original | Mar 1, 2021 |
| D-CA | Ro Khanna | Original | Mar 1, 2021 |
| D-OR | Peter A. DeFazio | Mar 3, 2021 | |
| D-VT | Peter Welch | Mar 3, 2021 | |
| D-MI | Rashida Tlaib | Mar 3, 2021 | |
| D-PA | Susan Wild | Mar 3, 2021 | |
| D-CA | Alan S. Lowenthal | Mar 8, 2021 | |
| D-NY | Grace Meng | Mar 8, 2021 | |
| D-TN | Steve Cohen | Mar 8, 2021 | |
| D-CA | Mark DeSaulnier | May 13, 2021 | |
| D-HI | Kaiali'i Kahele | Jun 8, 2021 | |
| D-MI | Andy Levin | Jun 22, 2021 | |
| D-VA | Donald S. Beyer, Jr. | Jul 16, 2021 | |
| D-PA | Matt Cartwright | Sep 17, 2021 | |
| D-NJ | Frank Pallone, Jr. | Oct 4, 2022 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Mar 1, 2021 |
Actions 2
Everything that happened, newest first.
- Mar 1, 2021Introduced in House
- Mar 1, 2021Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 38, March 1, 2021, page H883.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 510 | Ultra-Millionaire Tax Act of 2021 | Identical bill | Mar 1, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.
- Short Title(s) as Introduced
- Ultra-Millionaire Tax Act of 2021
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 1, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
