To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Transportation, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HDA199130C17945208FDE2168E220B451: 1. Short title This Act may be cited as the Ultra-Millionaire Tax Act of 2024.
- Section HD0C4DEEB077849D9A9D1AF75085BA074: 2. Imposition of wealth tax The Internal Revenue Code of 1986 is amended by inserting after subtitle B the following new subtitle: B–1Wealth taxChapter...
- Section H8D2BBAA242FD4D6AAFA9F41330B28A2E: 2901. Imposition of tax In the case of an individual, a tax is hereby imposed on the net value of all taxable assets of the taxpayer on the last day of any...
- Section H57D6C9FEC2A341F88799BECCF08029B1: 2902. Net value of taxable assets For purposes of this subtitle, the term net value of all taxable assets means, as of any date, the value of all property of...
- Section H31D55A0928374DB2B710951DC624014B: 2903. Special rules In the case of any individual who dies during a calendar year and who is not married on the date of such individual's death— section...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Transportation, Foreign Policy
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMs. Jayapal (for herself, Mr. Boyle of Pennsylvania, Mr. Beyer, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "secretary_of_treasury"
- → Secretary of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology