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H.R. 1459: Ultra-Millionaire Tax Act of 2021

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H.R. 1459: Ultra-Millionaire Tax Act of 2021

117th Congress · introduced 2021-03-01 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2021-03-01 · official record
  2. Who proposed it: Rep. Jayapal, Pramila [D-WA-7] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Ultra-Millionaire Tax Act of 2021

Plain summary

Ultra-Millionaire Tax Act of 2021 This bill imposes a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax). The amount of such tax shall be equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion. There is no tax on the net value of taxable assets not in excess of $50 million. The bill defines net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer. The definition excludes property with a value of $50,000 or less, tangible personal property, certain property used in a trade or business, and collectibles. The Internal Revenue Service (IRS) must audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill. The bill provides funding to the IRS for FY2022-FY2032 for enforcement of the requirements of this bill, taxpayer services, and for business system modernization.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Ultra-Millionaire Tax Act of 2021

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Jayapal, Pramila [D-WA-7] · 32 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Brendan F. Boyle (D-PA), Eleanor Holmes Norton (D-DC), Ilhan Omar (D-MN), Alexandria Ocasio-Cortez (D-NY), Mark Takano (D-CA), Janice D. Schakowsky (D-IL), Bonnie Watson Coleman (D-NJ), Ayanna Pressley (D-MA), James P. McGovern (D-MA), Dwight Evans (D-PA), Ro Khanna (D-CA), Jesús G. "Chuy" García (D-IL), Judy Chu (D-CA), Adam Smith (D-WA), Rashida Tlaib (D-MI), Peter Welch (D-VT), Steve Cohen (D-TN), Grace Meng (D-NY), Mark DeSaulnier (D-CA), Donald S. Beyer, Jr. (D-VA), Frank Pallone, Jr. (D-NJ)

Sponsor's campaign money: Rep. Jayapal, Pramila [D-WA-7] reported raising $2.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong117-hr1459 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117