To amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.

# Summary of HR 7767: Annual Wealth Tax Proposal **What the Bill Would Do** HR 7767 proposes creating a new annual tax on the net wealth (total assets minus debts) of certain taxpayers. Rather than taxing only income, this bill would require individuals above a certain wealth threshold to pay yearly taxes based on their total asset value. The bill amends the Internal Revenue Code, which governs federal income taxes and tax rules. **Who It Affects and Key Provisions** The bill would primarily affect wealthy individuals, though the specific wealth threshold triggering the tax is not detailed in this summary. The proposal represents a significant shift in how the U.S.

tax system works, moving beyond traditional income-based taxation to include wealth-based taxation. Supporters argue this could reduce wealth inequality and generate revenue; critics typically raise concerns about implementation challenges, potential economic effects, and constitutional questions. **Current Status** As of now, HR 7767 remains in committee, meaning it has not yet been debated or voted on by the full House of Representatives. The bill was introduced by Representative Ro Khanna (D-California) in the 119th Congress. Bills in committee status often do not advance further, though they may be revised or reintroduced in future legislative sessions.