118th Congress · HOUSE BILLBILL

H.R. 6498 — Billionaire Minimum Income Tax Act

“To amend the Internal Revenue Code of 1986 to impose a minimum tax on certain wealthy taxpayers that takes into account unrealized gains.”

Taxation

Introduced Nov 29, 2023

Last action Nov 29, 2023

Pipeline · Bill → Law

Step 1

Introduced

Nov 29, 2023

Step 2

Referred

Nov 29, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Nov 29, 2023

Introduced in House

Nov 29, 2023

Referred to the House Committee on Ways and Means.