HR5427Referred to Committee

Billionaires Income Tax Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-09-17
Introduced
33
Cosponsors
HR
ⓘ
Type

Sponsor

Steve Cohen
Steve Cohen
Democrat · TN · Representative
Votes with party: 97.8% (636 recorded votes)

Full profile: /officials/C001068

Source: Congress.gov · FEC

Cosponsors (33)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2025-09-17

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

This proposal would create a new annual tax on the wealth of Americans worth over $50 million, requiring them to pay taxes on the increased value of their assets each year rather than only when they sell them. The tax would apply to a small number of ultra-wealthy individuals and is designed to raise federal revenue, though it would represent a significant change to how the U.S. currently taxes investment gains. Supporters argue it would reduce wealth inequality, while opponents contend it could be difficult to implement and might discourage investment.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation
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