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H.R. 6498: Billionaire Minimum Income Tax Act

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H.R. 6498: Billionaire Minimum Income Tax Act

118th Congress · introduced 2023-11-29 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2023-11-29 · official record
  2. Who proposed it: Rep. Cohen, Steve [D-TN-9] · 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

Billionaire Minimum Income Tax Act

Plain summary

Billionaire Minimum Income Tax Act This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 25% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. The tax may not exceed 40% of the amount by which the taxpayer's net worth exceeds $100 million.

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

Billionaire Minimum Income Tax Act

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. Cohen, Steve [D-TN-9] · 61 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Janice D. Schakowsky (D-IL), Rashida Tlaib (D-MI), Jesús G. "Chuy" García (D-IL), Robin L. Kelly (D-IL), James P. McGovern (D-MA), Eleanor Holmes Norton (D-DC), Danny K. Davis (D-IL), Bonnie Watson Coleman (D-NJ), Rosa L. DeLauro (D-CT), Jill N. Tokuda (D-HI), Nanette Diaz Barragán (D-CA), Brendan F. Boyle (D-PA), Betty McCollum (D-MN), Jamie Raskin (D-MD), Jimmy Gomez (D-CA), Alexandria Ocasio-Cortez (D-NY), Jerrold Nadler (D-NY), Judy Chu (D-CA), Mark Pocan (D-WI), John Garamendi (D-CA), Adam B. Schiff (D-CA), Bill Foster (D-IL), Nikki Budzinski (D-IL), Madeleine Dean (D-PA), Mark DeSaulnier (D-CA), Kevin Mullin (D-CA), Greg Casar (D-TX), Daniel S. Goldman (D-NY), Ilhan Omar (D-MN), Greg Landsman (D-OH), Seth Moulton (D-MA), Mary Gay Scanlon (D-PA), Yvette D. Clarke (D-NY), John B. Larson (D-CT), Nikema Williams (D-GA), Jared Huffman (D-CA), Val T. Hoyle (D-OR), Donald Norcross (D-NJ), Emanuel Cleaver (D-MO), Linda T. Sánchez (D-CA), Maxine Waters (D-CA), André Carson (D-IN), Mark Takano (D-CA), Dwight Evans (D-PA), Troy A. Carter (D-LA), Lori Trahan (D-MA), Marcy Kaptur (D-OH), Ted Lieu (D-CA), Dina Titus (D-NV), Maxwell Frost (D-FL), William R. Keating (D-MA) and 1 more.

Sponsor's campaign money: Rep. Cohen, Steve [D-TN-9] reported raising $785,039 (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-cong118-hr6498 · catalog fed-us-congress-bills-cong118 · updated 2026-11-15 by psicol fed-bills-cong118