SB3367: Billionaires Income Tax Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Internal Revenue Code of 1986 to eliminate tax loopholes that allow billionaires to defer tax indefinitely through planning strategies such as "buy, borrow, die", to modify over 30 tax provisions so that billionaires are required to pay taxes annually, and for other purposes.
Plain-language summary
This bill would change federal tax law to require wealthy people with over $1 billion in assets to pay taxes on investment gains each year instead of delaying taxes indefinitely. It targets strategies where billionaires borrow money against their investments to avoid selling assets and paying taxes. The bill modifies more than 30 tax rules to close loopholes. The bill was introduced in Congress but has not yet been assigned to a for debate.
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SB3367: Billionaires Income Tax Act
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Sponsors
Ron Wyden
Primary SponsorCo-sponsors (19)
Debbie Stabenow
Sherrod Brown
Robert Casey
Sheldon Whitehouse
Elizabeth Warren