Govwatch

Introduced

In Committee

3

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

Steve Cohen

Democrat · TN · Representative

Votes with party: 97.7% (528 recorded votes)

Full profile: /officials/C001068

Source: Congress.gov · FEC

Cosponsors (32)

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

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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Open text view Read on Congress.gov

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