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Bill Text.pdf

BMIT Final Bill Text.pdf

🔗 Source: cohen.house.gov

📊 Size: 102 KB

📄 Pages: 34 pages

⬇️ Downloads: 63

Summary

The proposed "Billionaire Minimum Income Tax Act" aims to impose a minimum tax on certain wealthy taxpayers, taking into account unrealized gains. The tax would apply to individuals with a net worth exceeding $100 million and trusts or estates treated as applicable taxpayers. The minimum tax rate would be 20% of the sum of taxable income and net unrealized gain, minus the taxpayer's minimum tax account balance and regular tax liability. The tax would not exceed 40% of the excess described in the act. Net worth would be determined by the estimated value of assets, including trust-attributed assets, minus debts and trust-attributed debts. Certain gratuitous transfers made within the 5-year period ending with the close of the taxable year would be taken into account in determining net worth.

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Description

The proposed "Billionaire Minimum Income Tax Act" aims to impose a minimum tax on certain wealthy taxpayers, taking into account unrealized gains.

Technical Information

File Format: PDF
File Size: 102 KB
Pages: 34
Language: EN
Total Downloads: 63
Last Updated: 1 week ago

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