Contact Congress about H.R. 7749: Ultra-Millionaire Tax Act of 2024
People with more than $50 million in net wealth would owe a new yearly federal tax. The bill also adds asset reporting, stronger penalties, required audits, and new Internal Revenue Service funding.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
Ultra-Millionaire Tax Act of 2024 is a House bill in Congress.
Who this affects: This bill mainly affects people and some trusts with more than $50 million in net wealth. It also affects banks, businesses, and other groups that may have to report asset values. The Internal Revenue Service and Treasury Department would have major new work to do, including audits, valuation rules, reports to Congress, and data systems.
Why this matters: This bill would shift more federal taxes onto very large fortunes, not just income. It would create a new tax base aimed at a small group of very wealthy people and some trusts. It could also change how wealthy people report, hold, or move assets. The real effect on revenue, investment, and business choices is uncertain and would depend on future rules, taxpayer behavior, and possible court fights.
Key provisions in H.R. 7749
- People would pay a yearly tax on net assets above $50 million. The rate is 2% up to $1 billion, then 3% above $1 billion, or 6% if a future national health insurance law meets the bill's conditions.
- U.S. people would count property they own anywhere in the world. That includes real estate, personal property, physical assets, and nonphysical assets, minus debts. Certain personal items worth $50,000 or less per item would not count if they are not used for business or investment.
- Married people would be treated as one taxpayer. Their combined wealth would count toward the $50 million and $1 billion thresholds.
- Many assets moved into trusts or given to minor family members would still count. This includes grantor trusts, some nongrantor trusts, and many gifts to children or other young family members.
- Treasury would have 12 months after enactment to write rules for valuing every type of asset. Those rules must cover private and hard-to-price assets, and they may use set formulas and rules for valuation discounts.
How Modern Action helps you take action on H.R. 7749
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Questions people ask about H.R. 7749
- What is H.R. 7749?
- People with more than $50 million in net wealth would owe a new yearly federal tax. The bill also adds asset reporting, stronger penalties, required audits, and new Internal Revenue Service funding.
- How do I support or oppose H.R. 7749?
- Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.
- Who should I contact about H.R. 7749?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain H.R. 7749 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
