Ultra-Millionaire Tax Act of 2024

This bill would establish a new wealth tax on individuals with significant assets. It would tax assets over $50 million at 2% and assets over $1 billion at 3% (potentially 6% if certain health care legislation is enacted). Married couples would be treated as a single taxpayer for this tax, and the bill includes $70 billion in funding for IRS enforcement. The tax would apply to calendar years beginning after December 31, 2024, and includes detailed reporting requirements for the IRS.