3.0.0 510 2023-03-08T20:12:35Z 2023-03-08T20:12:35Z Senate S 2021-03-01 117 ssfi00 Finance Committee Senate Standing Referred to 2021-03-01T23:17:24Z Ultra-Millionaire Tax Act of 2021 117 1459 HR 2021-03-01 Referred to the House Committee on Ways and Means. Identical bill CRS 2021-03-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-03-01 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2021-03-01 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2021-03-01 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2021-03-01 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2021-03-01 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2021-03-01 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2021-03-01 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2021-03-01 True P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2021-05-25 False Taxation Accounting and auditing Department of the Treasury Executive agency funding and structure Internal Revenue Service (IRS) Property tax Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2021-03-01 Introduced in Senate 2021-05-18T13:31:33Z Ultra-Millionaire Tax Act of 2021

This bill imposes a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax). The amount of such tax shall be 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. There is no tax on the net value of taxable assets not in excess of $50 million.

The bill defines net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by 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, and collectibles.

The Internal Revenue Service (IRS) must audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill.

The bill provides funding to the IRS for FY2022-FY2032 for enforcement of the requirements of this bill, taxpayer services, and for business system modernization.

]]> Ultra-Millionaire Tax Act of 2021 Display Title Ultra-Millionaire Tax Act of 2021 Official Title as Introduced A bill 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. Introduced in Senate IS Short Title(s) as Introduced Ultra-Millionaire Tax Act of 2021 Introduced in Senate IS Introduced in Senate 2021-03-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s510is/xml/BILLS-117s510is.xml 2021-03-01 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.