Rep. Ramirez Introduces Bill to Tax Capital Gains Like Regular Income for Millionaires
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.
No action since September 2025
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.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
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.”
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.
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.
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.
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.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Equal Tax Act
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