Search Results: keywords:"irs funding"

  • H. R. 7749 — 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 House
    Words:4,622

    H.R. 7749, titled the "Ultra-Millionaire Tax Act of 2024," aims to amend the Internal Revenue Code of 1986 by introducing a tax on the net value of a taxpayer's assets. The bill sets tax rates ranging from 2% to 6%, depending on the asset value, with special considerations...

    Simple Explanation

    H.R. 7749, known as the "Ultra-Millionaire Tax Act of 2024," is a plan to make very rich people pay extra taxes on their treasures, helping improve the IRS's ability to collect and manage these taxes by giving them more money to do their job better.

  • 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.