Oligarch Act of 2025

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2912 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2912 To amend the Internal Revenue Code of 1986 to establish a wealth tax, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 14, 2025 Ms. Lee of Pennsylvania (for herself, Ms. Tlaib, Mr. Nadler, Mr. Frost, Ms. Norton, Ms. Dean of Pennsylvania, Mrs. Ramirez, Mr. Huffman, Mrs. Foushee, and Mrs. Watson Coleman) 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 establish a wealth tax, 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. This Act may be cited as the ``Oligarch Act of 2025''. SEC. 2. IMPOSITION OF WEALTH TAX. (a) In General.--The Internal Revenue Code of 1986 is amended by inserting after subtitle B the following new subtitle: ``Subtitle B-1--Wealth Tax ``Chapter 18--Determination of Wealth Tax ``CHAPTER 18--DETERMINATION OF WEALTH TAX ``Sec. 2901. Imposition of tax. ``Sec. 2902. Net value of taxable assets. ``Sec. 2903. Special rules. ``Sec. 2904. Information reporting. ``Sec. 2905. Enforcement. ``SEC. 2901. IMPOSITION OF TAX. ``(a) In General.--In the case of any applicable taxpayer, a tax is hereby imposed on the net value of all taxable assets of the taxpayer on the last day of any calendar year. ``(b) Computation of Tax.-- ``(1) Individuals.--In the case of an individual, the tax imposed by this section shall be equal to the sum of-- ``(A) 2 percent of so much of the net value of all taxable assets of the taxpayer as exceed the threshold amount but do not exceed the product of 10 multiplied by threshold amount, ``(B) 4 percent of so much of the net va