HR 7749 · 118th Congress 2023–2025, ended

Ultra-Millionaire Tax Act of 2024

Introduced Mar 20, 2024 Originated House Sponsor Pramila Jayapal D-WA

Fact sheet Spreadsheet

Latest action · Mar 20, 2024 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. IntroducedMar 20, 2024
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Ultra-Millionaire Tax Act of 2024 

This bill imposes a tax on the net value of all taxable assets of a taxpayer on the last day of any calendar year (i.e., a wealth tax). The amount of such tax is 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. 

Cosponsors 37

Members who signed on, in the order they did. Signatures ran from Mar 20, 2024 to Dec 16, 2024; 33 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-CAAdam B. SchiffOriginalMar 20, 2024
D-WAAdam SmithOriginalMar 20, 2024
D-NYAlexandria Ocasio-CortezOriginalMar 20, 2024
D-MAAyanna PressleyOriginalMar 20, 2024
D-CABarbara LeeOriginalMar 20, 2024
D-NJBonnie Watson ColemanOriginalMar 20, 2024
D-PABrendan F. BoyleOriginalMar 20, 2024
D-MOCori BushOriginalMar 20, 2024
D-NYDaniel S. GoldmanOriginalMar 20, 2024
D-ILDanny K. DavisOriginalMar 20, 2024
D-MDDavid J. TroneOriginalMar 20, 2024
D-ILDelia C. RamirezOriginalMar 20, 2024
D-VADonald S. Beyer, Jr.OriginalMar 20, 2024
D-PADwight EvansOriginalMar 20, 2024
D-DCEleanor Holmes NortonOriginalMar 20, 2024
D-MDGlenn IveyOriginalMar 20, 2024
D-GAHenry C. "Hank" Johnson, Jr.OriginalMar 20, 2024
D-MNIlhan OmarOriginalMar 20, 2024
D-NYJamaal BowmanOriginalMar 20, 2024
D-MAJames P. McGovernOriginalMar 20, 2024
D-ILJanice D. SchakowskyOriginalMar 20, 2024
D-NYJerrold NadlerOriginalMar 20, 2024
D-ILJesús G. "Chuy" GarcíaOriginalMar 20, 2024
D-HIJill N. TokudaOriginalMar 20, 2024
D-ILJonathan L. JacksonOriginalMar 20, 2024
D-CAJudy ChuOriginalMar 20, 2024
D-CAKatie PorterOriginalMar 20, 2024
D-CAMark TakanoOriginalMar 20, 2024
D-CAMaxine WatersOriginalMar 20, 2024
D-MIRashida TlaibOriginalMar 20, 2024
D-AZRaúl M. GrijalvaOriginalMar 20, 2024
D-PASummer L. LeeOriginalMar 20, 2024
D-PASusan WildOriginalMar 20, 2024
D-CAMark DeSaulnierApr 10, 2024
D-CARobert GarciaApr 11, 2024
D-PAChristopher R. DeluzioMay 21, 2024
D-NJFrank Pallone, Jr.Dec 16, 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 Mar 20, 2024

Actions 2

Everything that happened, newest first.

  1. Mar 20, 2024Introduced in House
  2. Mar 20, 2024Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
HouseDebate and remarks H6148Pramila Jayapal D-WANov 20, 2024

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: This bill is enacted pursuant to the power granted to Congress under Article I of the United States Constitution and its subsequent amendments, and further clarified and interpreted by the Supreme Court of the United States. The single subject of this legislation is: Taxes

The sponsor’s statement, as printed in the Congressional Record, vol. 170, no. 49, March 20, 2024, page H1295.

CRS reports 1

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 1

Products on other subjects that cite it, usually among other measures.

ProductTitleKindPublished
R48879Trusts: Income and Estate and Gift Tax IssuesReportMar 10, 2026

Related bills 1

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

BillTitleRelationshipLatest action
S 4017Ultra-Millionaire Tax Act of 2024Identical billMar 21, 2024

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 2024

Subjects

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

Text 1

Each version as it was printed, newest first.

  1. Mar 20, 2024Introduced 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.