Billionaires Income Tax Act aims to eliminate tax deferral 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 require billionaires to pay taxes annually. The bill targets strategies like "buy, borrow, die" and aims to prevent the transfer of untaxed appreciated assets to heirs at death. It also closes loopholes that shield high-income and high net worth taxpayers from taxation. The provisions apply to taxable years beginning after December 31, 2025.

Billionaires Income Tax Act aims to eliminate tax deferral 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 require billionaires to pay taxes annually. The bill targets strategies like "buy, borrow, die" and aims to prevent the transfer of untaxed appreciated assets to heirs at death. It also closes loopholes that shield high-income and high net worth taxpayers from taxation. The provisions apply to taxable years beginning after December 31, 2025.