H.R.8558: Billionaire Minimum Income Tax Act

About This Bill

Bill Version

Bill 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.

(Source: Library of Congress)

Bill Actions

Date Description
July 28, 2022
Referred to the House Committee on Ways and Means.
July 28, 2022

Introduced in the House by Steve Cohen (D-Tenn.)

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