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Bill or law · United States

Ultra-Millionaire Tax Act of 2021 (S. 510 and H.R. 1459, 117th Congress)

Lapsed

A yearly 2% tax on net worth between $50 million and $1 billion and 3% above $1 billion (6% if a Medicare for All law is in effect), with a 40% exit tax on those who renounce citizenship.

Overview

The Ultra-Millionaire Tax Act of 2021 is the first of three versions that Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle have introduced. It taxes net worth every year: 2% between $50 million and $1 billion, 3% above $1 billion, and 6% above $1 billion if a Medicare for All law is in effect. People who renounce citizenship face a 40% exit tax.

It was introduced on 1 March 2021 as S. 510 in the Senate and H.R. 1459 in the House and referred to the Finance and Ways and Means committees. The bill status data records no later action, and the bill lapsed with the 117th Congress. The official sponsor lists were compared with the register: 33 members on the House bill and 9 on the Senate bill. The 2024 and 2026 bills carry the proposal forward.

Written from the records and links on this page.

On the record 41

Statements, votes and sponsorships in the register whose source is this bill or one of its documents: 41 sponsorships.

Show the other 1

Official documents 1

From the records tracker for United States: the bill, its debates, votes and committee reports, and whether each has been read in full.

  • Ultra-Millionaire Tax Act of 2021 ↗Read in full
    Bill · S. 510 / H.R. 1459 (117th) · 2021-03-01 · US Senate; US House
    What the reading found

    Found: Official bill data: H.R. 1459 33 persons, S. 510 9 persons. Added official-data rows for Warren, Markey, Gillibrand, Whitehouse, Schatz, Sanders, Merkley, Hirono, Jayapal, Boyle. Grijalva deceased (X0002).

    Not read: No committee action; the hearing S. Hrg. 117-373 is listed separately.

People in the register 41

Sponsors and signatories who are on a register, each with the statement they rest on.