Ultra-Millionaire Tax Act of 2024
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The Ultra-Millionaire Tax Act of 2024 is a proposed legislative measure introduced in the House during the 118th Congress aimed at imposing a tax on ultra-millionaires. The bill was referred to the House Committee on Ways and Means on March 20, 2024, but no official summary or full text is publicly available. The bill falls under the policy area of taxation and is currently classified as failed or expired.
This bill sought to establish a tax targeting ultra-millionaires but did not advance beyond committee referral and ultimately expired without passage.
- Introduced in the House of Representatives during the 118th Congress as H.R. 7749.
- Referred to the House Committee on Ways and Means on March 20, 2024.
- No official summary or full text is publicly available, limiting detailed analysis.
The bill's title suggests potential benefits to government revenue systems and possibly public programs funded by such revenue, but specific beneficiaries cannot be identified due to lack of detailed text.
Without the full text, concerns include uncertainties about implementation mechanisms, enforcement authority, cost implications, and oversight provisions.
The bill was introduced during the 118th Congress and referred to the House Committee on Ways and Means, a key committee for tax legislation. The bill did not progress further and is marked as failed or expired, indicating it did not receive a vote or enactment.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
If enacted, the bill could have influenced wealth distribution and government revenue streams, but specific indirect effects cannot be determined without detailed provisions.
The absence of both an official summary and full bill text limits transparency and public oversight. This lack of information restricts the ability to fully assess the bill's provisions, potential impacts, and implementation challenges.
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