HR 7749
118th Congress
House
Taxation
Ultra-Millionaire Tax Act of 2024
Introduced: March 20, 2024
Introduced by:
Jayapal, Pramila
Democratic
· Washington
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 20, 2024
Referred to the House Committee on Ways and Means.
Mar 20, 2024
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1