The Oligarch Act of 2025 would impose a new annual wealth tax on individuals and trusts with substantial net assets in the United States. The tax applies progressive rates ranging from 2 percent to 8 percent depending on wealth level, starting once a taxpayer's net assets exceed a threshold amount (set at 1,000 times the median household wealth or $50 million, whichever is greater). The legislation affects wealthy individuals and their trusts, though it exempts retirement accounts and certain low-value personal property. The bill includes enforcement provisions requiring the IRS to audit at least 30 percent of wealth tax filers annually and establishes steep penalties for undervaluing assets, while also allowing taxpayers facing severe liquidity constraints up to five years to pay the tax. The wealth tax would take effect for calendar years beginning after the bill's enactment, with the Treasury Department given 12 months to develop detailed valuation rules and reporting requirements.
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