Oligarch Act of 2023

This bill would impose a progressive wealth tax on high-net-worth individuals and certain trusts, targeting those with substantial assets above a defined threshold. The tax would be calculated on the net value of taxable assets exceeding a threshold amount (1,000 times the greater of $50,000 or median household wealth), with rates increasing from 2% to 8% as asset value rises. The bill includes specific provisions for trusts, deceased individuals, non-residents, and expatriates, and would require new information reporting from financial institutions to enforce the tax. It would apply to calendar years beginning after the bill's enactment date. The legislation defines "taxable assets" as all property minus debts, with certain exclusions for assets under $50,000.