H.R. 4919 — Oligarch Act of 2023

This bill imposes a tax on the net value of all taxable assets of a taxpayer as of the last day of any calendar year (wealth tax). The amount of such tax is equal to certain percentages of the net value of all taxable assets of the taxpayers that exceed a specified threshold amount. The bill defines net value of all taxable assets as the excess of the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated, over 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, or collectibles. The Internal Revenue Serv...