HR 8558 United States House · 117th Congress

Billionaire Minimum Income Tax Act

Summary

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.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jul 2022

Committee Review

Floor Vote

President

Introduced Jul 28, 2022 Last action Jul 28, 2022

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

2

Key actions

0

Committee

1

Jul 28, 2022

Committee

Referred to the House Committee on Ways and Means.

lower

Jul 28, 2022

Introduced

Introduced in House

lower

1 primary · 55 co-sponsors

Sponsors

Role

Legislator

Party

State

District

Alan S. Lowenthal

Alexandria Ocasio-Cortez

Ann Kirkpatrick

Bill Pascrell, Jr.

Bonnie Watson Coleman