Search Results: keywords:"asset valuation"

  • S. 4017 — To amend the Internal Revenue Code of 1986 to impose a tax on the net value of assets of a taxpayer, and for other purposes.
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    Status:Introduced in Senate
    Words:4,495

    The bill, titled the "Ultra-Millionaire Tax Act of 2024," aims to amend the Internal Revenue Code to impose a wealth tax on individuals with net assets exceeding $50 million. The tax rate starts at 2% for assets over this threshold and increases to 3% or 6% if certain health legislation...

    Simple Explanation

    The bill wants to make super-rich people, who have more than $50 million, pay extra money to the government to help share the wealth more evenly, and it plans to give lots of money to the tax office to make sure they check if everyone is paying correctly. This is like asking those with lots of toys to share a bit more and giving helpers extra tools to count all the toys.

  • S. 3465 — To amend the Internal Revenue Code of 1986 to apply a 6 percent excise tax on large endowments of certain private colleges and universities, and for other purposes.
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    Status:Introduced in Senate
    Words:566

    The Woke Endowment Security Tax Act of 2023, or WEST Act of 2023, proposes amendments to the Internal Revenue Code to introduce a 6% excise tax on large endowments held by certain private colleges and universities. Specifically, this tax will apply to private...

    Simple Explanation

    The WEST Act of 2023 wants certain big colleges with lots of money saved up to pay a special tax of 6%, so they use their money to help students more. It's like a rule that says, "Hey, if your school is super rich, some of that money should go into helping everyone learn!"