We have received text from S. 2845: Billionaires Income Tax Act. This bill was received on 2025-09-17, and currently has 21 cosponsors.
Here is a short summary of the bill:
The "Billionaires Income Tax Act" is designed to ensure that billionaires pay annual taxes by eliminating specific tax strategies and loopholes that have allowed them to minimize their tax obligations. The bill proposes changes to more than 30 provisions within the Internal Revenue Code.
Ownership Transfers and Tax Obligations
The bill sets forth criteria regarding transfers that might impact ownership. It defines terms like "applicable grantor trust" and provides exemptions for spousal transfers and charitable contributions. Additionally, it outlines guidelines regarding taxpayer status and how assets are valued, especially for non-tradable assets, which will influence tax obligations during transfers or upon death of the owner.
Asset Basis and Reporting Requirements
There are new regulations for applicable entities regarding adjustments to asset basis, partner ownership interest valuation, and mandates for the Secretary to create regulations to ensure compliance. The legislation introduces definitions for significant terms, including "applicable transfer" and "applicable savings plan," and establishes reporting requirements that will take effect after December 31, 2025.
Changes to Life Insurance and Annuity Contracts
This bill also modifies tax regulations related to life insurance and annuity contracts for applicable taxpayers. It introduces a 10% additional tax on withdrawals from certain types of contracts and repeals existing exclusions for death benefits pertaining to specific contracts. New reporting requirements will also be enforced following December 31, 2025.
Summary of Key Changes
- Elimination of tax deferral strategies for billionaires.
- New definitions and criteria related to ownership transfers.
- Guidelines for asset valuation impacting tax liabilities.
- Modification of regulations affecting life insurance and annuity contracts.
- New reporting requirements set to begin after December 31, 2025.
Relevant Companies
- None found
Senator Ron Wyden Bill Proposals
Here are some bills which have recently been proposed by Senator Ron Wyden:
- S.2857: Protecting Free Vaccines Act of 2025
- S.2856: Wildfire Smoke Relief Act
- S.2851: Protecting Americans from Doxing and Political Violence Act
- S.2850: Protecting Legislators and Survivors of Sexual Assault and Domestic Violence from Doxing and Political Violence Act
- S.2845: Billionaires Income Tax Act
- S.2778: Local School Foods Expansion Act of 2025
You can track bills proposed by Senator Ron Wyden on Quiver Quantitative's politician page for Wyden.
Senator Ron Wyden Net Worth
Quiver Quantitative estimates that Senator Ron Wyden is worth $22.5M, as of October 11th, 2025. This is the 57th highest net worth in Congress, per our live estimates.
Wyden has approximately $10.1M invested in publicly traded assets which Quiver is able to track live.
You can track Senator Ron Wyden's net worth on Quiver Quantitative's politician page for Wyden.
Senator Ron Wyden Stock Trading
We have data on up to $21.2M of trades from Senator Ron Wyden, which we parsed from STOCK Act filings. Some of the largest trades include:
- A July 23rd, 2020 purchase of up to $250K of $MSFT. The stock has risen 152.28% since then.
- A August 3rd, 2020 sale of up to $250K of $MAR. The stock has risen 211.54% since then.
- A April 6th, 2021 sale of up to $250K of $KLAC. The stock has risen 183.54% since then.
- A April 6th, 2021 sale of up to $250K of $AMAT. The stock has risen 50.46% since then.
- A November 11th, 2022 sale of up to $250K of $PYPL. The stock has fallen 23.28% since then.
You can track Senator Ron Wyden's stock trading on Quiver Quantitative's politician page for Wyden.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
