Billionaire Minimum Income Tax Act

1/26/2024, 3:00 PM

Congressional Summary of HR 6498

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 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.

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Current Status of Bill HR 6498

Bill HR 6498 is currently in the status of Bill Introduced since November 29, 2023. Bill HR 6498 was introduced during Congress 118 and was introduced to the House on November 29, 2023.  Bill HR 6498's most recent activity was Referred to the House Committee on Ways and Means. as of November 29, 2023

Bipartisan Support of Bill HR 6498

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
60
Democrat Cosponsors
60
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6498

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 6498

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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Sponsors and Cosponsors of HR 6498

R
Steve Cohen
Tennessee(Democrat)
R
Susan Wild
Pennsylvania(Democrat)
R
Bonnie Watson Coleman
New Jersey(Democrat)
R
Maxine Waters
California(Democrat)
R
Jill N. Tokuda
Hawaii(Democrat)

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