Billionaires Income Tax Act

The Billionaires Income Tax Act would amend the Internal Revenue Code to require high-income and high-net-worth taxpayers to pay taxes annually on the appreciation of their assets, eliminating tax deferral strategies like "buy, borrow, die" that allow billionaires to avoid taxes indefinitely. It would apply mark-to-market taxation to tradable assets and impose deferral recapture amounts on transfers of nontradable assets, ensuring gains are taxed when they occur rather than when assets are sold or transferred at death. The bill targets loopholes that enable the ultra-wealthy to shield income from taxation, including stepped-up basis at death and certain trust and estate planning techniques.

No official summary is available here. This one was written by AI from the bill’s text.