HR 6498 · 118th Congress 2023–2025, ended

Billionaire Minimum Income Tax Act

Introduced Nov 29, 2023 Originated House Sponsor Steve Cohen D-TN

Fact sheet Spreadsheet

Latest action · Nov 29, 2023 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. IntroducedNov 29, 2023
  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 25% 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 61

Members who signed on, in the order they did. Signatures ran from Nov 29, 2023 to May 21, 2024; 60 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-CAAdam B. SchiffOriginalNov 29, 2023
D-NYAlexandria Ocasio-CortezOriginalNov 29, 2023
D-INAndré CarsonOriginalNov 29, 2023
D-CABarbara LeeOriginalNov 29, 2023
D-MNBetty McCollumOriginalNov 29, 2023
D-ILBill FosterOriginalNov 29, 2023
D-NJBill Pascrell, Jr.OriginalNov 29, 2023
D-NJBonnie Watson ColemanOriginalNov 29, 2023
D-PABrendan F. BoyleOriginalNov 29, 2023
D-MOCori BushOriginalNov 29, 2023
D-NYDaniel S. GoldmanOriginalNov 29, 2023
D-ILDanny K. DavisOriginalNov 29, 2023
D-MDDavid J. TroneOriginalNov 29, 2023
D-NVDina TitusOriginalNov 29, 2023
D-NJDonald NorcrossOriginalNov 29, 2023
D-PADwight EvansOriginalNov 29, 2023
D-DCEleanor Holmes NortonOriginalNov 29, 2023
D-MOEmanuel CleaverOriginalNov 29, 2023
D-CAGrace F. NapolitanoOriginalNov 29, 2023
D-TXGreg CasarOriginalNov 29, 2023
D-OHGreg LandsmanOriginalNov 29, 2023
D-MNIlhan OmarOriginalNov 29, 2023
D-MAJames P. McGovernOriginalNov 29, 2023
D-MDJamie RaskinOriginalNov 29, 2023
D-ILJanice D. SchakowskyOriginalNov 29, 2023
D-CAJared HuffmanOriginalNov 29, 2023
D-NYJerrold NadlerOriginalNov 29, 2023
D-ILJesús G. "Chuy" GarcíaOriginalNov 29, 2023
D-HIJill N. TokudaOriginalNov 29, 2023
D-CAJimmy GomezOriginalNov 29, 2023
D-CTJohn B. LarsonOriginalNov 29, 2023
D-CAJohn GaramendiOriginalNov 29, 2023
D-CAJudy ChuOriginalNov 29, 2023
D-CAKatie PorterOriginalNov 29, 2023
D-CAKevin MullinOriginalNov 29, 2023
D-CALinda T. SánchezOriginalNov 29, 2023
D-MALori TrahanOriginalNov 29, 2023
D-PAMadeleine DeanOriginalNov 29, 2023
D-OHMarcy KapturOriginalNov 29, 2023
D-CAMark DeSaulnierOriginalNov 29, 2023
D-WIMark PocanOriginalNov 29, 2023
D-CAMark TakanoOriginalNov 29, 2023
D-PAMary Gay ScanlonOriginalNov 29, 2023
D-CAMaxine WatersOriginalNov 29, 2023
D-FLMaxwell FrostOriginalNov 29, 2023
D-CANanette Diaz BarragánOriginalNov 29, 2023
D-GANikema WilliamsOriginalNov 29, 2023
D-ILNikki BudzinskiOriginalNov 29, 2023
D-MIRashida TlaibOriginalNov 29, 2023
D-AZRaúl M. GrijalvaOriginalNov 29, 2023
D-ILRobin L. KellyOriginalNov 29, 2023
D-CTRosa L. DeLauroOriginalNov 29, 2023
D-MASeth MoultonOriginalNov 29, 2023
D-TXSheila Jackson LeeOriginalNov 29, 2023
D-PASusan WildOriginalNov 29, 2023
D-CATed LieuOriginalNov 29, 2023
D-LATroy A. CarterOriginalNov 29, 2023
D-ORVal T. HoyleOriginalNov 29, 2023
D-MAWilliam R. KeatingOriginalNov 29, 2023
D-NYYvette D. ClarkeOriginalNov 29, 2023
D-RISeth MagazinerMay 21, 2024

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 Nov 29, 2023

Actions 2

Everything that happened, newest first.

  1. Nov 29, 2023Introduced in House
  2. Nov 29, 2023Referred 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 The single subject of this legislation is: Taxes

The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 196, November 29, 2023, page H5983.

Related bills 1

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

BillTitleRelationshipLatest action
HR 8558Billionaire Minimum Income Tax ActReintroduction ofJul 28, 2022

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. Nov 29, 2023Introduced 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.