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S 165

Stopping Overdoses of Fentanyl Analogues Act

119th Congress Introduced by Jim Banks and 7 co-sponsors

Bill S 165 targets billionaires by taxing unrealized capital gains, aiming to reduce wealth inequality and increase federal revenue for social programs.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 165

Summary of Bill S 165: Establishes a Billionaire Mark-to-Market Tax

Bill Overview

  • Bill Number: S 165
  • Title: Establishes a billionaire mark-to-market tax
  • Status: Referred to Budget and Revenue
  • Introduced On: January 08, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 165 is to implement a mark-to-market tax specifically targeting billionaires. This tax aims to address wealth inequality by taxing unrealized capital gains, which are the increases in value of assets that have not yet been sold. The bill seeks to ensure that billionaires contribute a fair share of taxes based on their wealth accumulation, rather than solely on realized income.

Key Provisions

  • Mark-to-Market Tax: The bill proposes a tax on the unrealized gains of billionaires' assets, meaning that individuals with a net worth exceeding a specified threshold will be taxed on the increase in value of their investments and properties each year, regardless of whether they have sold those assets.
  • Threshold for Taxation: While the specific threshold for net worth has not been detailed in the provided information, it is typically expected that this would apply to individuals with a net worth of $1 billion or more.
  • Tax Rate: The bill does not specify the exact tax rate for the mark-to-market tax, but it is anticipated that this would be determined during the legislative process.
  • Implementation Timeline: The bill's implementation timeline has not been outlined, but it is expected that if passed, the tax would be enforced in the following tax year.

Affected Parties

  • Billionaires: The primary group affected by this legislation would be individuals with a net worth of $1 billion or more, who would be subject to the new tax on their unrealized gains.
  • Federal Revenue: The bill aims to increase federal revenue by taxing wealth accumulation, which could potentially fund social programs or reduce the national deficit.
  • General Public: The broader public may also be impacted indirectly, as the revenue generated from this tax could be allocated to various public services or initiatives aimed at reducing inequality.

Legislative Context

  • Related Bills: This bill is related to previous legislative efforts, including:
    • S 4482 (prior-session)
    • S 1570 (prior-session)
    • A 3632 (companion bill)

Conclusion

Bill S 165 represents a significant shift in tax policy aimed at addressing wealth inequality by taxing unrealized gains of billionaires. As it moves through the legislative process, further details regarding tax rates and implementation will likely emerge, shaping its potential impact on both the wealthy and federal revenue. The bill has been referred to the Budget and Revenue committee for further consideration.

Compiled from official sources — confirm details with the bill’s official record.

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