Bills · HR 2912
IN COMMITTEE· 119TH CONGRESS
House BillHR 2912Taxation
Oligarch Act of 2025
INTRO APR 14· LAST ACTION APR 14
READING
11MIN
COSPONSORS
12
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters to voters because it proposes a significant shift in how the government generates revenue, moving beyond income-based taxation for the wealthiest individuals. If enacted, it could lead to substantial increases in federal revenue, potentially funding public programs, reducing the national debt, or allowing for other tax reductions. This could lead to debates about economic fairness and how the tax burden is distributed across different income levels.
Conversely, it could spark debates about the practical challenges of valuing complex assets annually, the potential impact on investment and capital flight, and its constitutionality. Without this bill, the current tax system, which primarily taxes income and gains when assets are sold, remains in place, and wealth continues to accumulate without an annual tax on its total value.
KEY PROVISIONS
5AI-extractedPROVISION 01
Establishes an annual wealth tax on the net value of all taxable assets for individuals and certain trusts.
This creates a new way for the government to collect revenue from the total accumulated wealth of the wealthiest Americans.
PROVISION 02
Sets progressive tax rates for individuals, starting at 2% and rising to 8% for assets significantly above a high threshold amount (at least $50 million).
This means the wealthiest individuals would pay a higher percentage of their assets in tax.
PROVISION 03
Excludes certain tangible personal property valued at $50,000 or less (excluding luxury items, business assets, and collectibles) from the taxable assets.
This clarifies that everyday personal items of lower value would not be subject to the wealth tax.
PROVISION 04
Requires the Treasury Department to establish new rules and methods for valuing all types of assets, especially those not publicly traded, within 12 months of enactment.
Accurate and fair valuation is crucial for implementing this tax, particularly for complex assets like private businesses and art.
PROVISION 05
Treats married individuals as one taxpayer and includes specific rules for attributing assets held in various types of trusts.
These provisions prevent individuals from easily avoiding the tax through marital status or by moving assets into trusts.
SPONSORSHIP
1 + 12
D· Pennsylvania
YRS IN OFFICE
3
BILLS LED
24
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 12 REP 0 IND 0
ACTION TIMELINE
2 EVENTSAPR 14
Introduced in House
APR 14
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 2912
Congress119th
StatusIn Committee
IntroducedApr 14, 2025
Last actionApr 14, 2025
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED APR 14, 2025
House BillHR 2912Taxation
Oligarch Act of 2025
INTRODUCED APR 14, 2025· LAST ACTION APR 14, 2025
PASSAGE CHANCES
—%
READING
11 min
COSPONSORS
12
COMPLEXITY
Moderate
