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.