# Summary of S. 4017, Ultra-Millionaire Tax Act of 2024
This bill would establish a new federal wealth tax on individuals with substantial assets. The tax would apply to the net value of all taxable assets owned by individuals on the last day of each calendar year, starting in 2025. Individuals with assets below $50 million would owe no wealth tax, those with assets between $50 million and $1 billion would pay 2 percent, and those exceeding $1 billion would pay 3 percent, or 6 percent if a comprehensive national health insurance program is enacted. The bill would affect ultra-wealthy Americans and married couples filing jointly, while also applying special rules to trusts and non-residents with U.S. property. To support implementation and enforcement, the legislation authorizes $70 billion for IRS enforcement, $10 billion for taxpayer services, and $20 billion for business system modernization through fiscal year 2034, and requires the IRS to audit at least 30 percent of wealth tax filers annually.
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