,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #adei  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #a1 #bjba,ms4    
,jayapal 7= h]self1 ,mr4 ,br5dan ,f4    
,boyle ( ,p5nsylvania1 ,ms4 ,norton1    
,ms4 ,lee ( ,cali=nia1 ,ms4 ,om>1 ,ms4  
,ocasio-,cortez1 ,ms4 ,bu%1 ,mr4        
,takano1 ,mr4 ,b[man1 ,ms4 ,s*ak[sky1   
,mrs4 ,watson ,coleman1 ,mr4 ,grijalva1 
,mr4 ,jones1 ,ms4 ,pressley1 ,mr4       
,mc,govern1 ,mr4 ,evans1 ,mr4 ,khanna1  
,mr4 ,g>ca ( ,ill9ois1 ,ms4 ,*u1 & ,mr4 
,smi? ( ,wa%+ton7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to impose
 a tax on ! net value ( assets ( a      
taxpay]1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,ultra-,millionaire ,tax ,act ( #bjba4  
#b4 ,imposition ( weal? tax  7a7 ,9     
g5]al ,! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$ by ins]t+ aft] subtitle ,b !   
foll[+ new subtitle3  ,b-#a ,weal? tax  
,*apt] #ah--;,det]m9ation ( weal? tax   

#ah ,det]m9ation ( weal? tax  ,sec4     
#bija4 ,imposition ( tax4 ,sec4 #bijb4  
,value ( taxable assets4 ,sec4 #bijc4   
,special rules4 ,sec4 #bijd4 ,in=mation 
report+4 ,sec4 #bije4 ,en=cem5t4  #bija4
 ,imposition ( tax  7a7 ,9 g5]al ,9 !   
case ( any applicable taxpay]1 a tax is 
h]eby impos$ on ! net value ( all       
taxable assets ( ! taxpay] on ! la/ day 
( any cal5d> ye>4  7b7 ,computation (   
tax  7#a7 ,9 g5]al ,! tax impos$ by ?is 
section %all be equal to ! sum (-- 7,a7 
#b p]c5t ( s mu* ( ! net value ( all    
taxable assets ( ! taxpay] 9 excess (   
#ej1jjj1jjj b n 9 excess (              
#a1jjj1jjj1jjj1 plus  7,b7 ! applicable 
p]c5tage ( s mu* ( ! net value ( all su*
 taxable assets 9 excess (              
#a1jjj1jjj1jjj4  ,no tax %all be impos$ 
"u subsection 7a7 on ! net value (      
taxable assets n 9 excess ( #ej1jjj1jjj4
  7#b7 ,applicable p]c5tage  7,a7 ,9    
g5]al ,= purposes ( ?is section1 !      
applicable p]c5tage is-- 7i7 except z   
provid$ 9 clause 7ii71 #c p]c5t1 &  7ii7

 9 ! case ( any cal5d> ye> 9 :i* !re is 
9 effect legislation :i* meets !        
requirem5ts ( subp>agraph 7,b71 #f      
p]c5t4  7,b7 ,legislation describ$      
,legislation meets ! requirem5ts ( ?is  
p>agraph if su* legislation-- 7i7       
e/abli%es a heal? insurance program t   
provides to all resid5ts ( ! ,unit$     
,/ates compreh5sive protection aga9/ !  
co/s ( heal? c>e & heal?-relat$ s]vices1
 &  7ii7 prohibits private entities f   
provid+ duplicate b5efits4  7c7         
,applicable taxpay]  7#a7 ,9 g5]al ,!   
t]m applicable taxpay] means any        
individual or any tru/ 7o!r ?an a tru/  
describ$ 9 section #dja7;a7 & exempt f  
tax "u section #eja7;a774  7#b7         
,treatm5t ( m>ri$ individuals ,=        
purposes ( ?is section1 individuals :o  
are m>ri$ 7z def9$ 9 section #ggjc7 %all
 be treat$ z "o applicable taxpay]4     
7#c7 ,treatm5t ( tru/s  7,a7 ,9 g5]al   
,all tru/s ) sub/antially ! same        
b5efici>ies %all be treat$ z a s+le     
applicable taxpay]4  7,b7 ,transf]s (   

prop]ty betwe5 tru/s ,if a tru/ transf]s
 prop]ty by gift or decantation to ano!r
 tru/ 9 any cal5d> ye> aft] ,decemb]    
#ca1 #bjbj1 ! transf]or tru/ & !        
transf]ee tru/ %all be treat$ z a s+le  
applicable taxpay] = su* cal5d> ye>4    
#bijb4 ,net value ( taxable assets  7a7 
,9 g5]al ,= purposes ( ?is subtitle1 !  
t]m net value ( all taxable assets      
means1 z ( any date1 ! value ( all      
prop]ty ( ! taxpay] 7o!r ?an prop]ty    
exclud$ "u subsection 7b771 real or     
p]sonal1 tangible or intangible1 :]ev]  
situat$1 r$uc$ by any debts 7includ+ any
 debts secur$ by prop]ty exclud$ "u     
subsection 7b77 ow$ by ! taxpay]4  7b7  
,exclusion = c]ta9 assets "u #ej1jjj    
,prop]ty ( ! taxpay] %all n be tak5 into
 acc\nt "u subsection 7a7 if su*        
prop]ty-- 7#a7 has a value ( #ej1jjj or 
less 7det]m9$ )\t reg>d to any debt ow$ 
by ! taxpay] ) respect to su* prop]ty71 
7#b7 is tangible p]sonal prop]ty1 &     
7#c7 is n prop]ty-- 7,a7 :i* is us$ 9 a 
trade or bus9ess ( ! taxpay]1  7,b7 9   

connection ) :i* a d$uction is all[able 
"u section #bab1 or  7,c7 :i* is a      
collectible z def9$ 9 section #djh7m71 a
 boat1 an aircraft1 a mobile home1 a    
trail]1 a vehicle1 or an antique or o!r 
asset t ma9ta9s or increases its value  
ov] "t 7)9 ! mean+ ( section #e4jb7b7 ( 
,rev5ue ,proc$ure #bjah-jh74  7c7 ,rules
 = det]m9+ prop]ty ( ! taxpay] ,=       
purposes ( ?is subtitle-- 7#a7 ,prop]ty 
includ$ 9 e/ate ,any prop]ty t w\ld be  
includ$ 9 ! e/ate ( ! taxpay] if !      
taxpay] di$ %all be treat$ z prop]ty ( !
 taxpay]4  7#b7 ,prop]ty ( grantor tru/s
 ,if an individual is treat$ z ! own] ( 
any portion ( a tru/ "u subp>t ,e (     
sub*apt] ,j ( *apt] #a1 prop]ty         
attributable to su* portion ( ! tru/    
%all be treat$ z prop]ty ( ! individual 
& n z prop]ty ( ! tru/4  7#c7 ,inclusion
 ( c]ta9 gifts ,any prop]ty transf]r$ by
 ! taxpay] aft] ! date ( ! enactm5t (   
?is *apt]1 to an individual :o is a     
memb] ( ! family ( ! taxpay] 7z det]m9$ 
"u section #bfg7;c77#d77 & has n atta9$ 

! age ( #ah %all be treat$ z prop]ty ( !
 taxpay] = any cal5d> ye> be=e ! ye> 9  
:i* su* individual atta9s ! age ( #ah4  
7d7 ,e/abli%m5t ( valuation rules ,n    
lat] ?an #ab mon?s aft] ! date ( !      
enactm5t ( ?is section1 ! ,secret>y %all
 e/abli% rules & me?ods = det]m9+ !     
value ( any asset = purposes ( ?is      
subtitle1 includ+ rules = ! valuation ( 
assets t are n publicly trad$ or t d n h
 a readily asc]ta9able value4 ,su* rules
 & me?ods-- 7#a7 may utilize            
retrospective & prospective =mulaic     
valuation me?ods n curr5tly 9 use by !  
,secret>y1  7#b7 may require ! use (    
=mulaic valuation approa*es = designat$ 
assets1 includ+ =mulaic approa*es bas$  
on proxies = det]m9+ presumptive        
valuations1 =mulaic approa*es bas$ on   
prospective adju/m5ts f pur*ase prices  
or o!r prior ev5ts1 or =mulaic approa*es
 bas$ on retrospectively add+ def]ral   
*>ges bas$ on ev5tual sale prices or o!r
 specifi$ lat] ev5ts indicative (       
valuation1 &  7#c7 may address ! use (  

valuation disc\nts4  #bijc4 ,special    
rules  7a7 ,deceas$ individuals  7#a7 ,9
 g5]al ,9 ! case ( any individual :o    
dies dur+ a cal5d> ye> & :o is n m>ri$  
on ! date ( su* individual's dea?-- 7,a7
 section #bija %all be appli$ by        
sub/itut+ ! date ( ! applicable         
taxpay]'s dea? = ! la/ day ( ! cal5d>   
ye>1 &  7,b7 ! am\nt ( ! tax impos$ "u  
su* section %all be r$uc$ by an am\nt   
:i* be>s ! same ratio to su* am\nt      
7det]m9$ )\t reg>d to ?is subsection7   
z-- 7i7 ! numb] ( days 9 ! cal5d> ye>   
aft] ! date ( ! individual's dea?1 be>s 
to  7ii7 #cfe4  7#b7 ,coord9ation )     
e/ate tax ,= purposes ( section #bjec1 !
 tax impos$ by ?is section = ! ye> ( !  
dec$5t's dea? %all be consid]$ to h be5 
impos$ be=e su* dea?4  7b7 ,application 
to nonresid5ts ,9 ! case ( any          
individual :o is a non-resid5t & n a    
citiz5 ( ! ,unit$ ,/ates1 ?is subtitle  
%all apply only to ! prop]ty ( su*      
individual :i* is situat$ 9 ! ,unit$    
,/ates 7det]m9$ "u rules simil> to !    

rules "u sub*apt] ,b ( *apt] #aa74  7c7 
,application to cov]$ expatriates ,9 !  
case ( an individual :o is a cov]$      
expatriate 7z def9$ 9 section #hgg;,a71 
section #bija7;a7 %all be appli$-- 7#a7 
z if ! cal5d> ye> end$ on ! day be=e !  
expatriation1 &  7#b7 z if ! rate ( tax 
"u bo? subp>agraphs 7,a7 & 7,b7 (       
section #bija7;b77#a7 7 #dj p]c5t4      
#bijd4 ,in=mation report+  7a7 ,9 g5]al 
,n lat] ?an #ab mon?s aft] ! date ( !   
enactm5t ( ?is section1 ! ,secret>y %all
 by regulations require ! report+ ( any 
in=mation conc]n+ ! net value ( assets  
appropriate to en=ce ! tax impos$ by ?is
 *apt]4  7b7 ,me?od ( report+ ,!        
,secret>y %all1 :]e appropriate1 require
 ! report+ made "u subsection 7a7 to be 
made z a "p ( exi/+ income report+      
requirem5ts 7includ+ requirem5ts "u     
*apt] #d 7relat+ to taxes to en=ce      
report+ on c]ta9 =eign acc\nts774  7c7  
,responsibility = report+ ,! ,secret>y  
may impose report+ obligations by       
ref]5ce to ! own]%ip1 control1          

managem5t1 claim to income f1 or o!r    
relation%ip to assets & liabilities =   
purposes ( adm9i/]+ ! tax impos$ by ?is 
section & may impose su* obligations on 
f9ancial in/itutions1 bus9ess entities1 
or o!r p]sons1 includ+ requir+ bus9ess  
entities to provide e/imates ( ! value (
 ! entity itself4  #bije4 ,en=cem5t ,!  
,secret>y %all annually audit n less ?an
 #cj p]c5t ( taxpay]s requir$ to pay !  
tax impos$ "u ?is *apt]4  4  7b7 ,no    
d$uction f income taxes ,section #bge ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by ins]t+ aft] p>agraph 7#f7 !    
foll[+ new p>agraph3  7#g7 ,taxes impos$
 by *apt] #ah4  4  7c7 ,ext5sion ( "t = 
paym5t ( tax  7#a7 ,9 g5]al ,section    
#fafa7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#c7 ,weal? tax  7,a7 ,9
 g5]al ,9 ! case ( an applicable taxpay]
 describ$ 9 subp>agraph 7,b71 !         
,secret>y may ext5d ! "t = paym5t ( !   
tax impos$ "u *apt] #ah = a reasonable  
p]iod n to exce$ #e ye>s f ! date fix$ =

 ! paym5t !re(4  7,b7 ,taxpay]s describ$
 ,an applicable taxpay] is describ$ 9   
?is subp>agraph if su* ! ,secret>y      
det]m9es-- 7i7 ! applicable taxpay] has 
sev]e liquidity con/ra9ts1 or  7ii7     
imm$iate paym5t w\ld cause undue h>d%ip 
on an ongo+ ent]prise4  7,c7 ,applicable
 taxpay] ,= purposes ( ?is p>agraph1 !  
t]m applicable taxpay] has ! mean+ giv5 
su* t]m "u section #bija4  4  7#b7      
,rules ,n lat] ?an #ab mon?s aft] ! date
 ( ! enactm5t ( ?is ,act1 ! ,secret>y ( 
! ,treasury 7or ! ,secret>y's delegate7 
%all e/abli% rules = ! application ( !  
am5dm5ts made by p>agraph 7#a74  7d7    
,application ( accuracy relat$ p5alties 
7#a7 ,9 g5]al ,section #fffb7;b7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#aj7 ,any sub/antial weal? tax         
valuation und]/atem5t4  4  7#b7         
,sub/antial weal? tax und]/atem5t       
,section #fffb ( su* ,code is am5d$ by  
add+ at ! end ! foll[+ new subsection3  
7m7 ,application to sub/antial weal? tax

 valuation und]/atem5t  7#a7 ,sub/antial
 weal? tax valuation und]/atem5t def9$  
7,a7 ,9 g5]al ,= purposes ( ?is section1
 !re is a sub/antial weal? tax valuation
 und]/atem5t if ! value ( any prop]ty   
claim$ on any return ( tax impos$ by    
subtitle ,b-#a is #fe p]c5t or less ( ! 
am\nt det]m9$ to be ! correct am\nt (   
su* valuation4  7,b7 ,limitation ,no    
p5alty %all be impos$ by reason (       
subsection 7b77#aj7 unless ! portion ( !
 und]paym5t attributable to sub/antial  
weal? tax valuation und]/atem5ts = !    
cal5d> ye> exce$s #e1jjj4  7#b7         
,increas$ p5alty  7,a7 ,9 g5]al ,9 !    
case ( any portion ( an und]paym5t :i*  
is attributable to "o or m sub/antial   
weal? tax valuation und]/atem5t1        
subsection 7a7 %all be appli$-- 7i7 9 ! 
case ( a sub/antial weal? tax valuation 
und]/atem5t :i* is a gross weal? tax    
valuation mis/atem5t1 by sub/itut+ #ej  
p]c5t = #bj p]c5t1 &  7ii7 9 any o!r    
case1 by sub/itut+ #cj p]c5t = #bj      
p]c5t4  7,b7 ,gross weal? tax valuation 

mis/atem5t ,= purposes ( subp>agraph    
7,a71 ! t]m gross weal? tax valuation   
mis/atem5t means a sub/antial weal? tax 
valuation und]/atem5t1 z det]m9$ "u     
p>agraph 7#a7 by sub/itut+ #dj p]c5t =  
#fe p]c5t4  4  7e7 ,cl]ical am5dm5t ,!  
table ( subtitles ( su* ,code is am5d$  
by ins]t+ aft] ! item relat+ to subtitle
 ,b ! foll[+ new item3  ,subtitle       
,b-#a--,weal? tax  4  7f7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to cal5d> ye>s beg9n+ aft]   
,decemb] #ca1 #bjbb4  7g7 ,p]iodic      
reports ,n lat] ?an ,janu>y #a1 #bjbe1 &
 e #b ye>s !reaft]1 ! ,secret>y ( !     
,treasury 7or ! ,secret>y's delegate7   
%all submit to ,congress a report on !  
tax impos$ "u *apt] #ah ( ! ,int]nal    
,rev5ue ,code ( #aihf 7z add$ by ?is    
,act71 includ+ any issues relat$ to !   
adm9i/ration & en=cem5t ( su* tax4  #c4 
,/r5g!n+ disclosure requirem5ts  7a7    
,regulatory au?ority ,! ,secret>y ( !   
,treasury 7or ! ,secret>y's delegate7   
may issue su* rules & regulations z     

necess>y to prev5t taxpay]s f avoid+ !  
purpose ( in=mation report+ requirem5ts 
"u ! ,int]nal ,rev5ue ,code ( #aihf by  
plac+ assets 9 any =eign corporation1   
p>tn]%ip1 or tru/ 9 :i* ! taxpay] holds 
directly or indirectly1 a significant   
int]e/ z ! sole or pr9cipal own] or !   
sole or pr9cipal b5eficial own]4  7b7   
,,fatca en=cem5t plan ,! ,secret>y ( !  
,treasury 7or ! ,secret>y's delegate7   
%all develop a compreh5sive plan =      
manag+ ef=ts to lev]age data collect$ "u
 *apt] #d ( ! ,int]nal ,rev5ue ,code (  
#aihf 9 ag5cy compliance ef=ts4 ,su*    
plan %all include an evaluation ( !     
ext5t to :i* actions be+ und]tak5 z ( ! 
date ( ! enactm5t ( ?is ,act = !        
en=cem5t ( ! requirem5ts ( su* *apt]    
improve volunt>y compliance & address   
noncompliance ) su* requirem5ts4  #d4   
,int]nal rev5ue s]vice fund+  7a7 ,9    
g5]al ,sub*apt] ,a ( *apt] #hj ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#ghac4 ,au?orization ( appropriations   

,!re are au?oriz$ to be appropriat$ to !
 ,secret>y = ea* ( fiscal ye>s #bjbb    
?r\gh #bjcb-- 7#a7 = en=cem5t ( ?is     
title1 #gj1jjj1jjj1jjj1  7#b7 = taxpay] 
s]vices1 #aj1jjj1jjj1jjj1 &  7#c7 =     
bus9ess sy/em mod]nization1             
#bj1jjj1jjj1jjj4  4  7b7 ,cl]ical       
am5dm5t ,! table ( sections = sub*apt]  
,a ( *apt] #hj ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new item3  ,sec4 #ghac4        
,au?orization ( appropriations4  4