Ultra-Millionaire Tax Act of 2024
Latest Action
Read twice and referred to the Committee on Finance.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The Ultra-Millionaire Tax Act of 2024 is a Senate bill introduced in the 118th Congress aimed at imposing a tax specifically targeting ultra-wealthy individuals. The bill was read twice and referred to the Senate Committee on Finance but did not advance further and ultimately failed or expired. No official summary or full text is available in the source data, limiting detailed analysis of the bill's provisions or mechanisms.
This bill proposed a tax on ultra-millionaires but did not progress beyond committee referral and expired without enactment.
- The bill was introduced in the Senate during the 118th Congress as S.4017.
- It focuses on taxation policy, specifically targeting ultra-wealthy individuals.
- The latest recorded action was referral to the Senate Committee on Finance on March 21, 2024.
- The bill status is marked as failed or expired, indicating it did not become law.
Potential beneficiaries would have been government revenue programs funded by the tax on ultra-millionaires; however, no direct beneficiaries can be identified due to lack of detailed provisions.
Without the full bill text or summary, it is unclear how the tax would be implemented, the administrative costs involved, enforcement mechanisms, or oversight provisions. The absence of detailed information limits assessment of policy tradeoffs or fiscal impacts.
The bill was introduced in the Senate and referred to the Committee on Finance, a standard legislative process for tax-related bills. Its failure to advance suggests it did not gain sufficient legislative support during the 118th Congress. No further legislative actions or debates are recorded.
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, potentially affecting economic behavior among ultra-wealthy individuals. However, these effects cannot be confirmed or detailed due to lack of bill content.
Transparency is limited by the absence of the bill's full text and official summary, restricting public and expert scrutiny. The legislative process status indicates the bill did not advance, but detailed oversight considerations cannot be assessed without more information.
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