Contact Congress about S. 3367: Billionaires Income Tax Act
Very wealthy people would owe tax each year on many gains from investments they still own. The bill also limits trusts, insurance plans, and other tools used to delay or reduce taxes.
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.
Billionaires Income Tax Act is a Senate bill in Congress.
Who this affects: This bill mainly affects billionaires, people with extremely high income, and very large trusts. It also affects the businesses, trusts, insurers, and advisers that handle their investments and tax reporting. Most ordinary taxpayers would not fall under the income or asset limits. The Internal Revenue Service would have to administer new valuation, reporting, and enforcement rules.
Why this matters: Today, very wealthy people can often delay tax on investment gains until they sell an asset, and some gains can escape income tax when assets pass to heirs. This bill would make many of those gains taxable sooner. It could raise federal revenue and reduce the value of strategies such as holding assets, borrowing against them, and passing them on at death. It would also make the tax system more complex for covered taxpayers and for the Internal Revenue Service.
Key provisions in S. 3367
- A person generally becomes an applicable taxpayer after three straight years with more than $100 million in adjusted gross income or more than $1 billion in assets. Some large trusts have similar but lower limits.
- Covered taxpayers would pay yearly tax on tradable assets, such as public stock. The bill treats those assets as sold at fair market value at the end of each year.
- Covered taxpayers would owe an added interest-like charge when they transfer hard-to-sell assets in certain ways. This includes gifts, some trust transfers, and some deals that normally delay tax.
- Many gifts, inheritances, and trust transfers by covered taxpayers or their entities would count as sales at fair market value. The bill keeps exceptions for spouses, some charity transfers, disability trusts, and some other special trusts.
- Partnerships, S corporations, and similar businesses with large covered owners would have to report yearly gains and losses on covered assets to those owners. In some cases, the business could or must choose mark-to-market treatment at the entity level.
How Modern Action helps you take action on S. 3367
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 S. 3367
- What is S. 3367?
- Very wealthy people would owe tax each year on many gains from investments they still own. The bill also limits trusts, insurance plans, and other tools used to delay or reduce taxes.
- How do I support or oppose S. 3367?
- 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 S. 3367?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain S. 3367 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
