Billionaire Minimum Income Tax Act

Hozzl · 2022-12-29T18:18:43Z

Explore the details of House Bill 8558 Billionaire Minimum Income Tax Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 6:18 PM

Summary of Bill HR 8558

Bill 117 HR 8558, also known as the Billionaire Minimum Income Tax Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish a minimum income tax rate for billionaires in order to ensure that they pay their fair share of taxes.

Under this bill, billionaires would be required to pay a minimum income tax rate of 20% on their total income. This would apply to all income, including capital gains, dividends, and other forms of income that are often taxed at lower rates than regular income.

The bill aims to address the issue of income inequality and ensure that the wealthiest individuals in the country are not able to avoid paying their fair share of taxes through loopholes and deductions. By implementing a minimum income tax rate for billionaires, the government hopes to generate additional revenue that can be used to fund important social programs and services. Supporters of the bill argue that it is necessary to create a more equitable tax system and reduce the burden on middle and lower-income individuals who often pay a higher percentage of their income in taxes than the ultra-wealthy. Critics, however, argue that the bill could discourage investment and economic growth by imposing higher taxes on the wealthiest individuals. Overall, the Billionaire Minimum Income Tax Act is a controversial piece of legislation that seeks to address income inequality and ensure that billionaires pay their fair share of taxes. It will be interesting to see how this bill progresses through Congress and what impact it may have on the US tax system.

Congressional Summary of HR 8558

Billionaire Minimum Income Tax Act

This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 20% 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.

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Current Status of Bill HR 8558

Bill HR 8558 is currently in the status of Bill Introduced since July 28, 2022. Bill HR 8558 was introduced during Congress 117 and was introduced to the House on July 28, 2022. Bill HR 8558's most recent activity was Referred to the House Committee on Ways and Means. as of July 28, 2022

Bipartisan Support of Bill HR 8558

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

110

Democrat Cosponsors

110

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 8558

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8558

Billionaire Minimum Income Tax ActBillionaire Minimum Income Tax ActTo amend the Internal Revenue Code of 1986 to impose a minimum tax on certain wealthy taxpayers that takes into account unrealized gains.

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