Bill > HR4919

This bill, the Oligarch Act of 2023, would amend the Internal Revenue Code to establish a new wealth tax. The key provisions are: 1. Imposing a wealth tax on the net value of all taxable assets of applicable taxpayers (individuals and certain trusts) above a threshold amount, with tax rates ranging from 2% to 8% depending on the value of the assets. 2. Defining the threshold amount as the greater of $50,000 or the applicable median household wealth, as determined annually by the Secretary of the Treasury. 3. Establishing rules for determining the net value of taxable assets, including the treatment of certain assets and gifts. 4. Requiring information reporting by financial institutions, business entities, and other persons to aid in the enforcement of the wealth tax. 5. Authorizing the Secretary to extend the time for payment of the wealth tax for up to 5 years for taxpayers with severe liquidity constraints or where immediate payment would cause undue hardship. 6. Applying accuracy-related penalties for substantial understatements of wealth tax valuations. The bill would exempt tax-exempt entities from the wealth tax and would apply to calendar years beginning after the date of enactment.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/4919/all-info