Ultra-Millionaire Tax Act of 2024

This bill would create a new wealth tax on individuals with significant assets, targeting those with net assets exceeding $50 million. It would tax assets between $50 million and $1 billion at 2%, and assets above $1 billion at 3% (potentially increasing to 6% if certain health care legislation is enacted). The tax would apply to individuals, married couples treated as a single taxpayer, and certain trusts, with specific valuation and reporting requirements for assets. The bill also includes $70 billion in funding over 10 years for the IRS to enforce this new tax and related reporting requirements.