The Oligarch Act of 2025 would create an annual tax on the net value of taxable assets held by individuals and most trusts. The threshold would be 1,000 times the greater of $50,000 or the median household wealth determined each year. For individuals, rates would range from 2% to 8% on portions of wealth above that threshold. Trusts would pay 8% on amounts above the threshold. The bill also sets rules for valuing and reporting assets, requires annual audits of at least 30% of taxpayers required to pay the tax, and increases penalties for major valuation understatements. The bill was referred to the House Committee on Ways and Means.
If enacted, people and trusts with taxable assets above the threshold could owe this annual tax. The bill generally counts property around the world, minus debts, with an exclusion for certain tangible personal property worth $50,000 or less. Married individuals would be treated as one taxpayer. Some taxpayers could receive up to five years to pay if they have severe liquidity constraints or immediate payment would cause undue hardship to an ongoing business.
Affected taxpayers could owe the wealth tax. No publicly available information on government implementation costs.
No publicly available information.
No publicly available information.