Subject: Re: Biden Budget
This is a summary of a bill that was introduced in 2022 but not voted on.



Summary: H.R.8558 — 117th Congress (2021-2022)

Introduced in House (07/28/2022)
Billionaire Minimum Income Tax Act

This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 20% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. The tax may not exceed 40% of the amount by which the taxpayer's net worth exceeds $100 million.



Aussi who is not sure how unrealized gains on non liquid assets such as housing and private businesses would be evaluated.