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Ultra-Millionaire Tax Act of 2024
4/13/2024, 10:56 AM
Summary of Bill S 4017
The Ultra-Millionaire Tax Act of 2024, also known as Bill 118 s 4017, is a proposed piece of legislation in the US Congress. The bill aims to impose a tax on the wealthiest Americans, specifically those with a net worth of over $100 million.
Under the Ultra-Millionaire Tax Act, individuals with a net worth between $100 million and $1 billion would be subject to a 2% annual tax on their net worth. For those with a net worth over $1 billion, the tax rate would increase to 3%.
The revenue generated from this tax would be used to fund various social programs, such as education, healthcare, and infrastructure. Proponents of the bill argue that it would help reduce income inequality and provide much-needed funding for important public services. Opponents of the Ultra-Millionaire Tax Act argue that it would discourage investment and entrepreneurship among the wealthy, potentially leading to negative economic consequences. They also raise concerns about the feasibility and enforcement of such a tax. Overall, the Ultra-Millionaire Tax Act of 2024 is a controversial piece of legislation that seeks to address income inequality by taxing the wealthiest Americans at higher rates. Its fate in Congress remains uncertain as lawmakers continue to debate its merits and drawbacks.
Under the Ultra-Millionaire Tax Act, individuals with a net worth between $100 million and $1 billion would be subject to a 2% annual tax on their net worth. For those with a net worth over $1 billion, the tax rate would increase to 3%.
The revenue generated from this tax would be used to fund various social programs, such as education, healthcare, and infrastructure. Proponents of the bill argue that it would help reduce income inequality and provide much-needed funding for important public services. Opponents of the Ultra-Millionaire Tax Act argue that it would discourage investment and entrepreneurship among the wealthy, potentially leading to negative economic consequences. They also raise concerns about the feasibility and enforcement of such a tax. Overall, the Ultra-Millionaire Tax Act of 2024 is a controversial piece of legislation that seeks to address income inequality by taxing the wealthiest Americans at higher rates. Its fate in Congress remains uncertain as lawmakers continue to debate its merits and drawbacks.
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Current Status of Bill S 4017
Bill S 4017 is currently in the status of Bill Introduced since March 21, 2024. Bill S 4017 was introduced during Congress 118 and was introduced to the Senate on March 21, 2024. Bill S 4017's most recent activity was Read twice and referred to the Committee on Finance. as of March 21, 2024
Bipartisan Support of Bill S 4017
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
12Republican Cosponsors
0Unaffiliated Cosponsors
2Policy Area and Potential Impact of Bill S 4017
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 4017
Ultra-Millionaire Tax Act of 2024
Ultra-Millionaire Tax Act of 2024
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.
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.
Comments
Sponsors and Cosponsors of S 4017
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