,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gejb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ad1 #bjbb,mr4 
,b[man 7= himself1 ,mr4 ,pascrell1 ,mr4 
,danny ,k4 ,davis ( ,ill9ois1 ,ms4      
,wild1 ,ms4 ,norton1 ,mrs4 ,watson      
,coleman1 ,mr4 ,c>son1 & ,ms4 ,cl>ke (  
,new ,york7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,ways &    
,means1 & 9 addition to ! ,committee on 
,education & ,labor1 = a p]iod to be    
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to adopt          
m>k-to-m>ket income tax rules = taxpay]s
 ) net wor? above a specifi$ ?re%old1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,babies ov]        
,billionaires ,act ( #bjbb4  #b4 ,f9d+s 
,congress f9ds ! foll[+3 7#a7           
,billionaires h disproportionately      
b5efitt$ f f9ancial ga9s dur+ ! p&emic z
 _! collective net wor? grew by #a4g    

trillion s9ce ! beg9n+ ( ! p&emic z     
employm5t = l[-wage work]s fell by #cf4g
 p]c5t at ! tr\gh ( ! p&emic 9 ,april   
#bjbj4  7#b7 ,! #be weal?ie/            
billionaires 9 ,am]ica made #dja billion
 f #bjad to #bjah & paid an effective   
tax rate ( #c4d p]c5t4  7#c7 ,! weal?ie/
 #djj h\seholds 9 ,am]ica paid an av]age
 effective tax rate ( j #h4b p]c5t      
betwe5 #bjaj & #bjah4  7#d7 ,a gradual  
tax on ! unrealiz$ capital ga9s (       
billionaires f tradable & non-tradable  
assets c\ld raise m ?an #a trillion ov] 
#aj ye>s4  7#e7 ,inve/+ rev5ue f su* a  
tax 9 *ildr5 at bir?1 p>ticul>ly 9 !    
fir/ #ajjj days ( life1 w\ld support    
*ildr5's heal?y physical developm5t1    
bra9 developm5t1 social-emotional heal?1
 & long-t]m well-be+4  #c4 ,deem$       
realization m>k-to-m>ket rules  7a7     
,imposition ( tax ,"p ,i ( sub*apt] ,o (
 *apt] #a ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] section   
#ajja ! foll[+ new section3  #ajjb4     
,deem$ realization m>k-to-m>ket rules   

7a7 ,annual realization ( ga9s & losses 
9 publicly trad$ assets ,except z       
provid$ 9 subsection 7c71 = ! purposes (
 section #a1 #cj p]c5t by value ( !     
publicly trad$ securities ( ea* cov]$   
taxpay] are deem$ sold on ! la/ day (   
ea* taxable ye>4  7b7 ,realization (    
ga9s & losses on all assets ,except z   
provid$ 9 subsection 7c71 9 ! fir/      
taxable ye> 9 :i* a taxpay] has tax     
liability result+ f ! op]ation (        
subsection 7a7 & e #e taxable ye>s      
!reaft] 7exclud+ any taxable ye> 9 :i*  
su* taxpay] is n a cov]$ taxpay]71 = !  
purposes ( section #a1 #ej p]c5t by     
value ( su* taxpay]'s assets t is n a   
publicly trad$ security is deem$ sold on
 ! la/ day ( su* taxable ye>4  7c7      
,phase-,9 cap ,! am\nt ( tax liability )
 respect to a taxpay] 9 a taxable ye>   
result+ f ! op]ation ( subsections 7a7 &
 7b7 7det]m9$ )\t reg>d to ?is          
subsection7 may n exce$ #ce p]c5t ( !   
am\nt by :i* ! taxpay]'s net wor? exce$s
 ! exemption am\nt on ! la/ day ( su*   

taxable ye>4  7d7 ,net losses ,net      
losses %all n be recogniz$ z a result ( 
?is subsection except to ! ext5t t net  
ga9s 7 recogniz$ by ! taxpay] z a result
 ( ?is subsection 9 any prior ye>4 ,any 
taxpay] :o recogniz$ net ga9s 9 any     
prior ye> z a result ( ?is subsection   
may elect to h ?is subsection apply 9 ! 
curr5t ye> ev5 if t taxpay] does n      
curr5tly h net assets 9 excess ( !      
exemption am\nt4  7e7 ,cov]$ taxpay]    
def9$ ,= ! purposes ( ?is section1 ! t]m
 cov]$ taxpay] means1 ) respect to a    
taxable ye>1 a taxpay] ^: net wor?      
exce$s ! exemption am\nt on ! la/ day ( 
su* taxable ye>4  7f7 ,deem$ long-,t]m  
capital ga9s or losses ,= purposes (    
det]m9+ ! "* ( any ga9 or loss ) respect
 to any piece ( prop]ty deem$ sold "u   
?is section1 su* prop]ty %all be treat$ 
z a capital asset held = m ?an #a ye>4  
7g7 ,adju/$ basis  7#a7 ,9 g5]al ,!     
,secret>y %all adju/ ! taxpay]'s basis 9
 an asset deem$ sold "u subsection 7a7  
or 7b7 z ! ,secret>y det]m9es           

appropriate to reflect ! am\nt ( ga9 or 
loss t result$ f ! op]ation ( su*       
subsection4  7#b7 ,co/ recov]y          
,adju/m5ts to a taxpay]'s basis 9 an    
asset made "u p>agraph 7#a7 %all n be   
includ$ 9 su* taxpay]'s basis 9 su*     
asset = ! purposes ( sections #afg7;c71 
#afh1 #agi1 or #aig4  7h7 ,paym5t s*$ule
  7#a7 ,9 g5]al ,a taxpay] may elect to 
pay a tax liability1 increas$ by !      
def]ral *>ge det]m9$ 9 p>agraph 7#b71   
result+ f ! op]ation ( subsection 7b7 9 
#e equal1 annual in/allm5ts beg9n+ 9 !  
taxable ye> 9 :i* ?is section takes     
effect4  7#b7 ,def]ral *>ge ,! def]ral  
*>ge det]m9$ 9 ?is p>agraph is equal to 
! am\nt t ! ,secret>y det]m9es is a     
cons]vative e/imate ( ! co/ to ! ,unit$ 
,/ates ( p]mitt+ a taxpay] to make an   
election "u p>agraph 7#a74  7i7         
,exemption am\nt ,= ! purposes ( ?is    
section1 ! t]m exemption am\nt means    
#ajj1jjj1jjj4  7j7 ,det]m9ation (       
valuation  7#a7 ,regulations ,n lat] ?an
 #a ye> aft] ! date ( ! enactm5t ( ?is  

section1 ! ,secret>y %all issue         
regulations = det]m9+ ! net wor? ( a    
taxpay] & ! deem$ sale-price valuations 
( ea* asset ( a taxpay] = ! purposes (  
?is section4 ,su* regulations 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 ( valuation4  7#b7
 ,rule 9 ! abs5ce ( regulation ,if !    
,secret>y has n issu$ regulations "u    
p>agraph 7#a71 ! fair m>ket value ( ea* 
asset own$ by ! taxpay] %all be ! price 
at :i* su* asset w\ld *ange h&s betwe5 a
 will+ buy] & a will+ sell]1 nei!r be+  
"u any compulsion to buy or to sell1 &  
bo? hav+ reasonable k ( relevant facts4 
,! value ( a p>ticul> asset %all n be ! 
price t a =c$ sale ( ! prop]ty w\ld     

produce4 ,fur!r1 ! fair m>ket value ( an
 asset %all n be ! sale price 9 a m>ket 
o!r ?an t 9 :i* su* item is mo/ commonly
 sold to ! public1 tak+ into acc\nt !   
location ( ! item :]ev] appropriate4 ,9 
! case ( an asset :i* is g5]ally obta9$ 
by ! public 9 ! retail m>ket1 ! fair    
m>ket value ( su* an asset %all be !    
price at :i* su* item or a comp>able    
item w\ld be sold at retail4  7#c7      
,limitation ,= purposes ( ?is           
subsection1 any feature ( an asset t 0  
add$ ) ! int5t1 & has ! effect1 ( r$uc+ 
! value ( ! asset %all be disreg>d$1 &  
no valuation or o!r disc\nt %all be tak5
 into acc\nt if x w\ld h ! effect (     
r$uc+ ! value ( a pro rata economic     
int]e/ 9 an asset bel[ ! pro rata       
portion ( ! value ( ! entire asset4     
7#d7 ,exception ) respect to c]ta9      
assets tak5 into acc\nt 9 det]m9+ net   
wor? ,not)/&+ ! prec$+ provisions ( ?is 
subsection1 if ! ,secret>y has n issu$  
regulations "u p>agraph 7#a7 specify+   
o!rwise1 = purposes ( det]m9+ !         

taxpay]'s net wor? = purposes ( ?is     
section ) respect to any taxable ye>    
aft] ! fir/ taxable ye> ) respect to :i*
 subsection 7b7 applies to ! taxpay]1 ! 
taxpay] may value assets t are n        
publicly trad$ securities at ! value (  
su* asset t ! taxpay] mo/ rec5tly       
report$ = purposes ( subsection 7b74    
7k7 ,in=mation report+ ,! ,secret>y     
%all1 n lat] ?an #a ye> aft] ! date ( ! 
enactm5t ( ?is section1 issue           
regulations-- 7#a7 requir+ su* p]sons z 
! ,secret>y det]m9es appropriate to     
report su* in=mation to ! ,secret>y z ! 
,secret>y det]m9es necess>y to c>ry out 
?is section1 &  7#b7 prohibit+ su*      
conduct z ! ,secret>y det]m9es          
appropriate to prev5t a taxpay] f avoid+
 ! requirem5ts ( ?is p>agraph4  7l7     
,audit requir$ ,! ,secret>y %all1 )     
respect to ea* taxable ye>1 audit ea*   
cov]$ taxpay] & ea* taxpay] :o 0 a cov]$
 taxpay] 9 any ( ! #c prec$+ taxable    
ye>s4  7m7 ,p5alties  7#a7              
,applicability ,except z provid$ 9      

p>agraph 7#e71 a taxpay] t has tax      
liability z a result ( ! op]ation ( ?is 
section ) an und]/atem5t ( tax %all be  
subject to ! p5alty describ$ 9 p>agraph 
7#b7 if ! am\nt ( su* und]/atem5t = a   
taxable ye> exce$s ! great] (-- 7,a7    
#a1jjj1jjj1 or  7,b7 #bj p]c5t ( ! tax  
%[n on an orig9al return or %[n on an   
am5d$ return fil$ on or be=e ! orig9al  
or ext5d$ due date ( ! return = !       
taxable ye>4  7#b7 ,p5alty describ$ ,!  
p5alty describ$ 9 ?is p>agraph is an    
am\nt equal to-- 7,a7 #bj p]c5t ( !     
und]/atem5t ( tax1 or  7,b7 9 ! case (  
an und]/atem5t t is sub/antially !      
result ( a failure to fulfill a         
requirem5t to report an asset1 #dj p]c5t
 ( su* und]/atem5t4  7#c7 ,coord9ation )
 o!r p5alties ,! p5alty impos$ by       
p>agraph 7#a7 is 9 addition to any o!r  
p5alties impos$ on su* und]/atem5t4     
7#d7 ,limitation on refund or cr$it ,!  
,secret>y may n refund or issue a cr$it 
) respect to a p5alty impos$ "u p>agraph
 7#a7 unless su* refund or cr$it is     

attributable to ! ,secret>y's           
miscalculation ( ! am\nt ( su* p5alty4  
7#e7 ,exceptions ,! ,secret>y may n     
impose a p5alty "u p>agraph 7#a7 if !   
und]/atem5t is ! result (-- 7,a7 a *ange
 9 law aft] ! e>li] (-- 7i7 ! date !    
taxpay] files a return = ! applicable   
taxable ye>1 or  7ii7 ! ext5d$ due date 
= ! return ( ! taxpay] = ! applicable   
taxable ye>1 or  7,b7 ! taxpay]'s       
reasonable reliance on a =mal legal rul+
 issu$ by ! ,secret>y4  4  7b7          
,compreh5sive plan = enhanc$ en=cem5t ( 
report+ on c]ta9 =eign acc\nts ,n lat]  
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,secret>y %all submit to   
,congress 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  7c7 ,con=m+ am5dm5t ,!
 table ( sections = "p ,i ( sub*apt] ,o 
( *apt] #a ( ! ,int]nal ,rev5ue ,code ( 
#aihf is am5d$ by add+ at ! end ! foll[+
 new item3  ,sec4 #ajjb4 ,deem$         
realization m>k-to-m>ket rules4  4  7d7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( enactm5t ( ?is     
,act4  7e7 ,s5se ( ,congress ,x is !    
s5se ( ,congress t ! taxation by !      
sev]al ,/ates ( extreme weal? is 9 !    
public int]e/ & t sil5ce on ! "p (      
,congress %all n be con/ru$ to impose   
any b>ri] to ! use ( reasonable resid5cy
 rules1 includ+ su* rules t apportion a 
tax on deem$ sales or extreme weal? ov] 
no m ?an five ye>s1 by ! sev]al ,/ates  
or ! ,di/rict ( ,columbia4  7f7         
,au?orization ( appropriations ,!re are 
h]eby au?oriz$ to be appropriat$ to !   
,secret>y ( ! ,treasury su* sums z may  
be necess>y to c>ry out ?is section & ! 
am5dm5ts by ?is section4  #d4 ,family   
,inve/m5t ,tru/ ,fund  7a7 ,9 g5]al     

,sub*apt] ,a ( ,*apt] #ih ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #ieab4  
,family ,inve/m5t ,tru/ ,fund  7a7      
,creation ( ,tru/ ,fund ,!re is h]eby   
e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates
 a tru/ fund to be kn[n z ! ,family     
,inve/m5t ,tru/ ,fund1 consi/+ ( su*    
am\nts z may be appropriat$ or cr$it$ to
 su* ,tru/ ,fund z provid$ 9 ?is section
 or section #ifjb7;b74  7b7 ,transf] to 
,tru/ ,fund ( am\nts equival5t to c]ta9 
taxes ,!re are h]eby appropriat$ to !   
,family ,inve/m5t ,tru/ ,fund am\nts    
equival5t to ! taxes receiv$ 9 !        
,treasury z a result ( ! op]ation (     
section #ajjb4  7c7 ,exp5ditures f ,tru/
 ,fund ,am\nts 9 ! ,family ,inve/m5t    
,tru/ ,fund %all be available1 z provid$
 by appropriation ,acts1 9 equal am\nts 
to ! ,secret>y ( ,education & !         
,secret>y ( ,heal? & ,human ,s]vices =  
programs relat+ to support+ family      
well-be+ & ! developm5t ( *ildr54  4    
7b7 ,cl]ical am5dm5t ,! table ( sections

 = sub*apt] ,a ( *apt] #ih ( su* ,code  
is am5d$ by add+ at ! end ! foll[+ new  
item3  ,sec4 #ieab4 ,family ,inve/m5t   
,tru/ ,fund4  4  7c7 ,effective date ,! 
am5dm5ts made by ?is ,act %all apply to 
am\nts receiv$ aft] ! date ( ! enactm5t 
( ?is ,act4