Billionaires Income Tax Act aims to eliminate tax deferral strategies for high-income individuals.

The Billionaires Income Tax Act seeks to require billionaires to pay taxes annually by closing loopholes that allow them to defer tax indefinitely. It modifies over 30 tax provisions to ensure high-income and high net worth taxpayers pay taxes on their income annually, similar to working people. The bill targets strategies like "buy, borrow, die" and prevents the transfer of untaxed appreciated assets to heirs who can sell them tax-free. It also introduces mark-to-market taxation for billionaires and shuts down their ability to borrow against appreciating assets without tax consequences.

Billionaires Income Tax Act aims to eliminate tax deferral strategies for high-income individuals.

The Billionaires Income Tax Act seeks to require billionaires to pay taxes annually by closing loopholes that allow them to defer tax indefinitely. It modifies over 30 tax provisions to ensure high-income and high net worth taxpayers pay taxes on their income annually, similar to working people. The bill targets strategies like "buy, borrow, die" and prevents the transfer of untaxed appreciated assets to heirs who can sell them tax-free. It also introduces mark-to-market taxation for billionaires and shuts down their ability to borrow against appreciating assets without tax consequences.