Billionaires Income Tax Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 5427 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 5427 To amend the Internal Revenue Code of 1986 to eliminate tax loopholes that allow billionaires to defer tax indefinitely through planning strategies such as ``buy, borrow, die'', to modify over 30 tax provisions so that billionaires are required to pay taxes annually, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES September 17, 2025 Mr. Cohen (for himself, Mr. Beyer, Ms. Tlaib, Mr. Garcia of Illinois, Mr. McGovern, Ms. Norton, Mr. Davis of Illinois, Ms. DeLauro, Mr. Boyle of Pennsylvania, Ms. McCollum, Mr. Nadler, Mr. Garamendi, Ms. Kelly of Illinois, Ms. Dean of Pennsylvania, Mr. Mullin, Ms. Omar, Mr. Landsman, Ms. Scanlon, Ms. Clarke of New York, Mr. Huffman, Mr. Norcross, Ms. Sanchez, Mr. Evans of Pennsylvania, Mr. Frost, Ms. Lee of Pennsylvania, Ms. Simon, Mr. Jackson of Illinois, and Mrs. Ramirez) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to eliminate tax loopholes that allow billionaires to defer tax indefinitely through planning strategies such as ``buy, borrow, die'', to modify over 30 tax provisions so that billionaires are required to pay taxes annually, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Billionaires Income Tax Act''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be consid