Senate Democrats Introduce Bill to Tax Billionaires’ Assets

If a person’s assets rise in value enough that they would fall under the scope of the tax, they would be allowed to pay the tax over five years.

Sen. Ron Wyden (D-Ore.) participates in a Senate Finance Committee hearing in Washington on March 22, 2023. Kevin Dietsch/Getty Images

A group of 16 Democratic senators introduced a new bill on Thursday that would compel wealthy Americans to pay taxes on the unrealized gains of their capital assets every year.

Sen. Ron Wyden (D-Ore.) sponsored the legislation, which he dubbed the “Billionaires Income Tax Act.” In a one-page bill summary, Mr. Wyden said the legislation would apply to taxpayers with more than $100 million in annual income or more than $1 billion in total assets for three consecutive years, a class representing about 700 U.S. taxpayers, by his estimate.