Oligarch Act of 2025

HR 2912, the "Oligarch Act of 2025," creates a new progressive wealth tax on high-net-worth individuals and certain trusts. It imposes tax rates of 2% to 8% on net taxable assets exceeding a threshold based on median household wealth (starting at $50,000), with higher rates applying to larger wealth brackets. The bill excludes assets under $50,000 that are tangible personal property used in daily life, and includes special rules for married couples, trusts, deceased individuals, and non-residents. It requires new reporting by taxpayers and financial institutions and mandates annual audits of 30% of taxpayers subject to the tax.