I 
119TH CONGRESS 
1ST SESSION H. R. 2912 
To amend the Internal Revenue Code of 1986 to establish a wealth tax, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 14, 2025 
Ms. LEE of Pennsylvania (for herself, Ms. TLAIB, Mr. NADLER, Mr. FROST, 
Ms. NORTON, Ms. DEAN of Pennsylvania, Mrs. RAMIREZ, Mr. HUFFMAN, 
Mrs. FOUSHEE, and Mrs. WATSON COLEMAN) introduced the following 
bill; which was referred to the Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to establish 
a wealth tax, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Oligarch Act of 2025’’. 
SEC. 2. IMPOSITION OF WEALTH TAX. 
(a) IN GENERAL.—The Internal Revenue Code of 
1986 is amended by inserting after subtitle B the fol-
lowing new subtitle: 
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‘‘Subtitle B–1—Wealth Tax 
‘‘CHAPTER 18—DETERMINATION OF WEALTH TAX 
‘‘CHAPTER 18—DETERMINATION OF 
WEALTH TAX 
‘‘Sec. 2901. Imposition of tax. 
‘‘Sec. 2902. Net value of taxable assets. 
‘‘Sec. 2903. Special rules. 
‘‘Sec. 2904. Information reporting. 
‘‘Sec. 2905. Enforcement. 
‘‘SEC. 2901. IMPOSITION OF TAX. 
‘‘(a) IN GENERAL.—In the case of any applicable tax-
payer, a tax is hereby imposed on the net value of all tax-
able assets of the taxpayer on the last day of any calendar 
year. 
‘‘(b) COMPUTATION OF TAX.— 
‘‘(1) INDIVIDUALS.—In the case of an indi-
vidual, the tax imposed by this section shall be equal 
to the sum of— 
‘‘(A) 2 percent of so much of the net value 
of all taxable assets of the taxpayer as exceed 
the threshold amount but do not exceed the 
product of 10 multiplied by threshold amount, 
‘‘(B) 4 percent of so much of the net value 
of all taxable assets of the taxpayer as exceed 
the product of 10 multiplied by the threshold 
amount but do not exceed the product of 100 
multiplied by the threshold amount, 
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‘‘(C) 6 percent of so much of the net value 
of all taxable assets of the taxpayer as exceed 
the product of 100 multiplied by the threshold 
amount but do not exceed the product of 1,000 
multiplied by the threshold amount, plus 
‘‘(D) 8 percent of so much of the net value 
of all taxable assets of the taxpayer as exceed 
the product of 1,000 multiplied by the threshold 
amount. 
‘‘(2) TRUSTS.—In the case of a trust, the tax 
imposed by this section shall be equal to 8 percent 
of so much of the net value of all taxable assets of 
the taxpayer as exceed the threshold amount. 
‘‘(c) APPLICABLE TAXPAYER.— 
‘‘(1) IN GENERAL.—The term ‘applicable tax-
payer’ means any individual or any trust (other than 
a trust described in section 401(a) and exempt from 
tax under section 501(a)). 
‘‘(2) TREATMENT OF MARRIED INDIVIDUALS.— 
For purposes of this section, individuals who are 
married (as defined in section 7703) shall be treated 
as one applicable taxpayer. 
‘‘(d) THRESHOLD AMOUNT.—For purposes of this 
section, the term ‘threshold amount’ means the amount 
that is the product of 1,000 multiplied by the greater of— 
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‘‘(1) $50,000, or 
‘‘(2) the applicable median household wealth. 
‘‘(e) APPLICABLE MEDIAN HOUSEHOLD WEALTH.— 
The Secretary shall annually determine the median house-
hold wealth with respect to the United States for purposes 
of this section. 
‘‘(f) APPLICATION TO TRUSTS.— 
‘‘(1) ATTRIBUTION OF ASSETS IN TRUST.—In 
determining the assets of a taxpayer for purposes of 
subsection (a): 
‘‘(A) GRANTOR TRUST.—In the case of a 
grantor trust, the grantor shall be treated as 
holding all the assets of the trust. 
‘‘(B) BENEFICIARY TRUST.—In the case of 
a beneficiary trust, each beneficiary of the trust 
shall be treated as holding a fraction of the as-
sets of the trust in proportion to such bene-
ficiary’s interest in such trust. 
‘‘(2) PROPERTY OF TRUSTS.—Any asset treated 
as held by a grantor or beneficiary under paragraph 
(1) shall not be treated as held by the trust for pur-
poses of this section. 
‘‘(3) TRUSTS
RELATING
TO
COMMON
BENE-
FICIARIES.—Trusts benefitting substantially the 
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same beneficiaries shall be treated as a single appli-
cable taxpayer for purposes of this section. 
‘‘(4) DEFINITIONS.—For purposes of this sec-
tion: 
‘‘(A) GRANTOR TRUST.—The term ‘grantor 
trust’ means a trust in which a taxpayer is 
treated as owning an asset of the trust under 
subpart E of part I of subchapter J of chapter 
1. 
‘‘(B) BENEFICIARY
TRUST.—The term 
‘beneficiary trust’ means any trust that is not 
a grantor trust. 
‘‘(g) REGULATIONS.—The Secretary shall issue such 
regulations or other guidance as may be necessary or ap-
propriate to carry out the purposes of this section, includ-
ing— 
‘‘(1) regulations establishing a process by which 
a beneficiary may demonstrate the portion of such 
beneficiary’s interest in a trust, and 
‘‘(2) regulations for determining the appro-
priate attribution of assets in a trust for purposes 
of subsection (e)(1) in the case of a trust with mul-
tiple grantors. 
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‘‘SEC. 2902. NET VALUE OF TAXABLE ASSETS. 
‘‘(a) IN GENERAL.—For purposes of this subtitle, the 
term ‘net value of all taxable assets’ means, as of any date, 
the excess of— 
‘‘(1) the value of all property of the taxpayer 
(other than property excluded under subsection (b)), 
real or personal, tangible or intangible, wherever sit-
uated, over 
‘‘(2) any debts (including any debts secured by 
property excluded under subsection (b)) owed by the 
taxpayer. 
‘‘(b) EXCLUSION
FOR CERTAIN ASSETS UNDER 
$50,000.—Property of the taxpayer shall not be taken 
into account under subsection (a) if such property— 
‘‘(1) has a value of $50,000 or less (determined 
without regard to any debt owed by the taxpayer 
with respect to such property), 
‘‘(2) is tangible personal property, and 
‘‘(3) is not property— 
‘‘(A) which is used in a trade or business 
of the taxpayer, 
‘‘(B) in connection with which a deduction 
is allowable under section 212, or 
‘‘(C) which is a collectible as defined in 
section 408(m), a boat, an aircraft, a mobile 
home, a trailer, a vehicle, or an antique or other 
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asset that maintains or increases its value over 
time (within the meaning of section 5.02(2) of 
Revenue Procedure 2018–08). 
‘‘(c) RULES FOR DETERMINING PROPERTY OF THE 
TAXPAYER.—For purposes of this subtitle: 
‘‘(1) PROPERTY
INCLUDED
IN
ESTATE.—Any 
property that would be included in the estate of the 
taxpayer if the taxpayer died shall be treated as 
property of the taxpayer. 
‘‘(2) INCLUSION
OF
CERTAIN
GIFTS.—Any 
property transferred by the taxpayer after the date 
of the enactment of this chapter, to an individual 
who is a member of the family of the taxpayer (as 
determined under section 267(c)(4)) and has not at-
tained the age of 18 shall be treated as property of 
the taxpayer for any calendar year before the year 
in which such individual attains the age of 18. 
‘‘(d) ESTABLISHMENT OF VALUATION RULES.—Not 
later than 12 months after the date of the enactment of 
this section, the Secretary shall establish rules and meth-
ods for determining the value of any asset for purposes 
of this subtitle, including rules for the valuation of assets 
that are not publicly traded or that do not have a readily 
ascertainable value. Such rules and methods— 
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‘‘(1) may utilize retrospective and prospective 
formulaic valuation methods not currently in use by 
the Secretary, 
‘‘(2) may require the use of formulaic valuation 
approaches 
for 
designated 
assets, 
including 
formulaic approaches based on proxies for deter-
mining presumptive valuations, formulaic approaches 
based on prospective adjustments from purchase 
prices or other prior events, or formulaic approaches 
based on retrospectively adding deferral charges 
based on eventual sale prices or other specified later 
events indicative of valuation, and 
‘‘(3) may address the use of valuation dis-
counts. 
‘‘SEC. 2903. SPECIAL RULES. 
‘‘(a) DECEASED INDIVIDUALS.— 
‘‘(1) IN GENERAL.—In the case of any indi-
vidual who dies during a calendar year and who is 
not married on the date of such individual’s death— 
‘‘(A) section 2901 shall be applied by sub-
stituting ‘the date of the applicable taxpayer’s 
death’ for ‘the last day of any calendar year’, 
and 
‘‘(B) the amount of the tax imposed under 
such section shall be reduced by an amount 
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which bears the same ratio to such amount (de-
termined without regard to this subsection) 
as— 
‘‘(i) the number of days in the cal-
endar year after the date of the individ-
ual’s death, bears to 
‘‘(ii) 365. 
‘‘(2) COORDINATION WITH ESTATE TAX.—For 
purposes of section 2053, the tax imposed by this 
section for the year of the decedent’s death shall be 
considered to have been imposed before such death. 
‘‘(b) APPLICATION TO NON-RESIDENTS.—In the case 
of any nonresident alien individual, this subtitle shall 
apply only to the property of such individual which is situ-
ated in the United States (determined under rules similar 
to the rules under subchapter B of chapter 11). 
‘‘(c) APPLICATION TO COVERED EXPATRIATES.—In 
the case of an individual who is a covered expatriate (as 
defined in section 877A), section 2901(a) shall be applied 
as if the calendar year ended on the day before the expa-
triation. 
‘‘SEC. 2904. INFORMATION REPORTING. 
‘‘(a) IN GENERAL.—Not later than 12 months after 
the date of the enactment of this section, the Secretary 
shall by regulation require the reporting of any informa-
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tion concerning the net value of assets appropriate to en-
force the tax imposed by this chapter. 
‘‘(b) METHOD OF REPORTING.—The Secretary shall, 
where appropriate, require the reporting made under sub-
section (a) to be made as a part of existing income report-
ing requirements (including requirements under chapter 
4 (relating to taxes to enforce reporting on certain foreign 
accounts)). 
‘‘(c) RESPONSIBILITY FOR REPORTING.—The Sec-
retary may impose reporting obligations by reference to 
the ownership, control, management, claim to income 
from, or other relationship to assets and liabilities for pur-
poses of administering the tax imposed by this section and 
may impose such obligations on financial institutions, 
business entities, or other persons, including requiring 
business entities to provide estimates of the value of the 
entity itself. 
‘‘SEC. 2905. ENFORCEMENT. 
‘‘The Secretary shall annually audit not less than 30 
percent of taxpayers required to pay the tax imposed 
under this chapter.’’. 
(b) NO DEDUCTION FROM INCOME TAXES.—Section 
275 of such Code is amended by inserting after paragraph 
(6) the following new paragraph: 
‘‘(7) Taxes imposed by chapter 18.’’. 
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(c) EXTENSION OF TIME FOR PAYMENT OF TAX.— 
(1) IN
GENERAL.—Section 6161(a) of such 
Code is amended by adding at the end the following 
new paragraph: 
‘‘(3) WEALTH TAX.— 
‘‘(A) IN GENERAL.—In the case of an ap-
plicable taxpayer described in subparagraph 
(B), the Secretary may extend the time for pay-
ment of the tax imposed under chapter 18 for 
a reasonable period not to exceed 5 years from 
the date fixed for the payment thereof. 
‘‘(B) TAXPAYERS DESCRIBED.—An appli-
cable taxpayer is described in this subparagraph 
if such the Secretary determines— 
‘‘(i) the applicable taxpayer has severe 
liquidity constraints, or 
‘‘(ii) immediate payment would cause 
undue hardship on an ongoing enterprise. 
‘‘(C) APPLICABLE
TAXPAYER.—For pur-
poses of this paragraph, the term ‘applicable 
taxpayer’ has the meaning given such term in 
section 2901.’’. 
(2) RULES.—Not later than 12 months after 
the date of the enactment of this Act, the Secretary 
of the Treasury (or the Secretary’s delegate) shall 
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establish rules for the application of the amend-
ments made by paragraph (1). 
(d) APPLICATION
OF ACCURACY RELATED PEN-
ALTIES.— 
(1) IN
GENERAL.—Section 6662(b) of such 
Code is amended by inserting after paragraph (10) 
the following new paragraph: 
‘‘(11) Any substantial wealth tax valuation un-
derstatement.’’. 
(2) SUBSTANTIAL WEALTH TAX UNDERSTATE-
MENT.—Section 6662 of such Code is amended by 
adding at the end the following new subsection: 
‘‘(m) APPLICATION TO SUBSTANTIAL WEALTH TAX 
VALUATION UNDERSTATEMENT.— 
‘‘(1) SUBSTANTIAL
WEALTH
TAX
VALUATION 
UNDERSTATEMENT DEFINED.— 
‘‘(A) IN GENERAL.—For purposes of this 
section, there is a substantial wealth tax valu-
ation understatement if the value of any prop-
erty claimed on any return of tax is 65 percent 
or less of the amount determined to be the cor-
rect amount of such valuation. 
‘‘(B) LIMITATION.—No penalty shall be 
imposed by reason of subsection (b)(11) unless 
the portion of the underpayment attributable to 
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substantial wealth tax valuation understate-
ments for the calendar year exceeds $5,000. 
‘‘(2) INCREASED PENALTY.— 
‘‘(A) IN
GENERAL.—In the case of any 
portion of an underpayment which is attrib-
utable to one or more substantial wealth tax 
valuation understatement, subsection (a) shall 
be applied— 
‘‘(i) in the case of a substantial wealth 
tax valuation understatement which is a 
gross wealth tax valuation misstatement, 
by substituting ‘50 percent’ for ‘20 per-
cent’, and 
‘‘(ii) in any other case, by substituting 
‘30 percent’ for ‘20 percent’. 
‘‘(B) GROSS
WEALTH
TAX
VALUATION 
MISSTATEMENT.—For purposes of subpara-
graph (A), the term ‘gross wealth tax valuation 
misstatement’ means a substantial wealth tax 
valuation understatement, as determined under 
paragraph (1) by substituting ‘40 percent’ for 
‘65 percent’.’’. 
(e) EXEMPTION OF TAX-EXEMPT ENTITIES.—Sec-
tion 501(a) of such Code is amended by inserting ‘‘and 
subtitle B–1’’ after ‘‘this subtitle’’. 
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