Referred to the House Committee on Ways and Means.
The bill creates an annual federal wealth tax on individuals’ net value of taxable assets, applying 0% up to $50 million, 2% on $50 million–$1 billion, and a top rate (normally 3%, 6% if a nationwide comprehensive public health program banning duplicate private coverage is enacted) on amounts above $1 billion.
Married couples are treated as one taxpayer; complex rules treat certain trusts, gifts to minors, nonresidents, covered expatriates, and decedents.
The bill requires new valuation and reporting rules, mandates IRS audits of at least 30% of taxpayers subject to the tax, strengthens overseas reporting authority, and authorizes $100 billion in IRS funding for FY2027–2037 ($70B enforcement, $10B taxpayer services, $20B modernization).
Novel nationwide wealth tax with large fiscal and legal implications faces strong institutional, legal, and political obstacles despite administrative provisions.
Relative to its intended legislative type, this bill is a well-structured statutory framework for creating a new wealth tax: core tax parameters (base, rates, thresholds) are specified in statute, important interactions with existing tax law are addressed, and substantial administrative and oversight mechanisms are included. The bill relies on delegated regulatory action for many technical execution details and provides significant resource authorizations to support administration.
Left emphasizes redistribution and funding for social programs
Left emphasizes redistribution and funding for social programs
Likely broadly supportive: views the tax as a targeted tool to reduce extreme wealth concentration and raise revenue for social priorities.
The link to a higher top rate if a universal health program passes is seen as a structural incentive to finance comprehensive health reform.
Cautiously receptive to the policy goal but concerned about practical implementation, costs, and legal risk.
Wants clearer valuation rules, phased implementation, and safeguards for operating businesses and market stability.
Likely strongly opposed: views the wealth tax as punitive, constitutionally vulnerable, and economically harmful.
Also objects to large IRS funding increases and high audit rates.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Novel nationwide wealth tax with large fiscal and legal implications faces strong institutional, legal, and political obstacles despite administrative provisions.
The bill has not accumulated any surfaced votes yet.
Left emphasizes redistribution and funding for social programs
Novel nationwide wealth tax with large fiscal and legal implications faces strong institutional, legal, and political obstacles despite adm…
Relative to its intended legislative type, this bill is a well-structured statutory framework for creating a new wealth tax: core tax parameters (base, rates, thresholds) are specified in statute, important interactions…
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