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

The Billionaires Income Tax Act seeks to close tax loopholes that allow high-income individuals to defer taxes indefinitely. It modifies over 30 tax provisions to ensure that billionaires pay taxes annually. The bill targets strategies like "buy, borrow, die" by requiring annual taxation on income earned by high-income individuals. It also closes loopholes that allow wealthy taxpayers to transfer untaxed appreciated assets to their heirs at death, ensuring these heirs sell such assets are subject to tax.

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

The Billionaires Income Tax Act seeks to close tax loopholes that allow high-income individuals to defer taxes indefinitely. It modifies over 30 tax provisions to ensure that billionaires pay taxes annually. The bill targets strategies like "buy, borrow, die" by requiring annual taxation on income earned by high-income individuals. It also closes loopholes that allow wealthy taxpayers to transfer untaxed appreciated assets to their heirs at death, ensuring these heirs sell such assets are subject to tax.