Billionaires Income Tax Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsors
- 34
- Latest action
- Sep 17, 2025
What it does
The Billionaires Income Tax Act would require billionaires to pay taxes annually by eliminating tax deferral strategies like "buy, borrow, die" through mark-to-market taxation of tradable assets and recapturing deferred taxes on transfers of nontradable assets. It targets high-income and high-net-worth individuals by closing loopholes that allow indefinite tax avoidance, including those related to asset transfers at death and certain investment vehicles. The bill modifies over 30 tax provisions to ensure billionaires pay taxes each year on their income, similar to wage earners.
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
- Steve Cohen
- Betty McCollum
- Brendan Boyle
- Chris Deluzio
- Danny Davis
- Delia Ramirez
- Donald Beyer
- Donald Norcross
- Dwight Evans
- Eleanor Norton
- Greg Landsman
- Ilhan Omar
- James McGovern
- Jared Huffman
- Jerrold Nadler
- Jesús García
- John Garamendi
- John Larson
- Jonathan Jackson
- Judy Chu
- Kevin Mullin
- Lateefah Simon
- Linda Sánchez
- Madeleine Dean
- Mary Scanlon
- Maxine Dexter
- Maxwell Frost
- Nicole (Nikki) Budzinski
- Rashida Tlaib
- Robin Kelly
- Rosa DeLauro
- Summer Lee
- Yvette Clarke
- Zoe Lofgren
In the news
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Where it goes next
While a bill can still move, the questions are about people and money.