This bill would add a federal wealth tax to the tax code. It sets up a new chapter with rules for figuring out how much someone’s wealth is for this tax, not just their income.
Key points:
What changes: Creates a wealth tax and a new section in the tax code on “Determination of wealth tax,” which explains how taxable wealth is measured.
Who is affected: People whose wealth falls under the new tax rules (the bill focuses on taxing wealth, but specific amounts or rates aren’t shown here).
