HR 8558 · 117th Congress 2021–2023, ended

Billionaire Minimum Income Tax Act

Introduced Jul 28, 2022 Originated House Sponsor Steve Cohen D-TN

Fact sheet Spreadsheet

Latest action · Jul 28, 2022 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.

  1. IntroducedJul 28, 2022
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Billionaire Minimum Income Tax Act

This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 20% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. The tax may not exceed 40% of the amount by which the taxpayer's net worth exceeds $100 million.

Cosponsors 55

Members who signed on, in the order they did. Signatures ran from Jul 28, 2022 to Dec 21, 2022; 32 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-INAndré CarsonOriginalJul 28, 2022
D-CABarbara LeeOriginalJul 28, 2022
D-MNBetty McCollumOriginalJul 28, 2022
D-ILBill FosterOriginalJul 28, 2022
D-NJBonnie Watson ColemanOriginalJul 28, 2022
D-PABrendan F. BoyleOriginalJul 28, 2022
D-NYCarolyn B. MaloneyOriginalJul 28, 2022
D-ILDanny K. DavisOriginalJul 28, 2022
D-VADonald S. Beyer, Jr.OriginalJul 28, 2022
D-PADwight EvansOriginalJul 28, 2022
D-DCEleanor Holmes NortonOriginalJul 28, 2022
D-MAJames P. McGovernOriginalJul 28, 2022
D-ILJanice D. SchakowskyOriginalJul 28, 2022
D-NYJerrold NadlerOriginalJul 28, 2022
D-ILJesús G. "Chuy" GarcíaOriginalJul 28, 2022
D-CAJimmy GomezOriginalJul 28, 2022
D-KYJohn A. YarmuthOriginalJul 28, 2022
D-CAJohn GaramendiOriginalJul 28, 2022
D-CAKatie PorterOriginalJul 28, 2022
D-ILMarie NewmanOriginalJul 28, 2022
D-CAMark DeSaulnierOriginalJul 28, 2022
D-CAMark TakanoOriginalJul 28, 2022
D-NYMondaire JonesOriginalJul 28, 2022
D-CANanette Diaz BarragánOriginalJul 28, 2022
D-ORPeter A. DeFazioOriginalJul 28, 2022
D-VTPeter WelchOriginalJul 28, 2022
D-MIRashida TlaibOriginalJul 28, 2022
D-AZRaúl M. GrijalvaOriginalJul 28, 2022
D-CTRosa L. DeLauroOriginalJul 28, 2022
D-MASeth MoultonOriginalJul 28, 2022
D-VIStacey E. PlaskettOriginalJul 28, 2022
D-NYYvette D. ClarkeOriginalJul 28, 2022
D-CAAdam B. SchiffAug 12, 2022
D-CAJudy ChuAug 30, 2022
D-PAMary Gay ScanlonAug 30, 2022
D-ILRobin L. KellyAug 30, 2022
D-CAGrace F. NapolitanoSep 14, 2022
D-MNIlhan OmarSep 14, 2022
D-MALori TrahanSep 14, 2022
D-WIMark PocanSep 28, 2022
D-MDDavid J. TroneSep 30, 2022
D-NVDina TitusSep 30, 2022
D-MOCori BushOct 4, 2022
D-CATed LieuOct 7, 2022
D-NYAlexandria Ocasio-CortezOct 28, 2022
D-AZAnn KirkpatrickOct 28, 2022
D-TXSheila Jackson LeeNov 10, 2022
D-CTJohn B. LarsonNov 16, 2022
D-PASusan WildNov 30, 2022
D-NJBill Pascrell, Jr.Dec 1, 2022
D-LATroy A. CarterDec 13, 2022
D-CAAlan S. LowenthalDec 21, 2022
D-CALinda T. SánchezDec 21, 2022
D-PAMadeleine DeanDec 21, 2022
D-GANikema WilliamsDec 21, 2022

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Jul 28, 2022

Actions 2

Everything that happened, newest first.

  1. Jul 28, 2022Introduced in House
  2. Jul 28, 2022Referred 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

Congress has the power to enact this legislation pursuant to the following: Article 1 Section 8 of the Constitution gives Congress the power to lay and collect taxes to provide for the general welfare of the United States.

The sponsor’s statement, as printed in the Congressional Record, vol. 168, no. 126, July 28, 2022, page H7406.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 6498Billionaire Minimum Income Tax ActReintroduced BillNov 29, 2023

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 minimum tax on certain wealthy taxpayers that takes into account unrealized gains.
Short Title(s) as Introduced
Billionaire Minimum Income Tax Act

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Jul 28, 2022Introduced in House

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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.