Equal Tax Act
Rep. Ramirez Introduces Bill to Tax Capital Gains Like Regular Income for Millionaires
Stalled
No legislative action in over 90 days.
The Equal Tax Act was recently introduced in the House and is currently waiting for review by the House Committee on Ways and Means. No further actions are scheduled at this time. The bill is in the early stages of the legislative process.
Part of: story →Legislative Progress
This bill is led by the progressive wing of the House and faces strong opposition from the Republican party, which generally opposes tax increases on investments.
Key Points
Impact Analysis
Personal Impact
Life & Work
Homeowners with highly appreciated property worth well over $1 million in unrealized gains would face new capital gains taxes when they pass property to heirs. However, the $1 million exclusion at death and the spousal transfer exemption mean only those with very large estates would be affected. For most homeowners, this has little or no effect.
“Any property which is transferred by gift or at death shall be treated as sold for its fair market value on the date of such gift or death.”
Programs
Activities
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesSenator Markey Joins Push to Equalize Capital Gains and Income Tax Rates
Senator Edward Markey introduced a Senate version of the Equal Tax Act, targeting the 'buy, borrow, die' strategy. The bill would tax unrealized gains at death with a $1 million exemption, a move analysts say could significantly impact estate planning for high-net-worth individuals.
Ramirez introduces legislation to tax the rich
Congresswoman Delia Ramirez (D-IL) introduced the Equal Tax Act, which aims to ensure that millionaires and billionaires pay the same tax rates on investments as working families pay on wages. The bill includes a $1 million exemption for inherited gains to protect most families.
This Week in Tax Policy: Income Inequality and the Equal Tax Act
The Equal Tax Act, introduced by Senator Ed Markey, represents the latest Democratic attempt to reform capital gains. The bill limits preferential rates to those earning under $1 million and introduces deemed realization at death, with specific carve-outs for family farms.
Source Information
Document Type
Congressional Bill
Official Title
Equal Tax Act
Data Sources
Sponsor
Cosponsors
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