H.R. 10367, Wealth Tax and Working-Class Tax Credit. Quorum's AI analysis reads it as a net benefit — and names who gains.
H.R. 10367 · Net good
What it does
This bill creates a $4,200 annual tax credit for working Americans (phased out above $100,000 income) and imposes a new annual tax on ultra-wealthy individuals and trusts. The wealth tax targets people with over $100 million in income or $1 billion in assets, requiring them to recognize gains on investment holdings each year—even if not sold—and pay tax on those unrealized gains. Gifts, bequests, and trust transfers by the wealthy also trigger immediate taxation at fair market value.
The analysis names working-class and middle-income individual taxpayers (via $4,200 annual credit) — and 1 more group — among the beneficiaries.
The trade-off
The wealth tax applies to unrealized gains annually, creating liquidity pressure on illiquid assets (real estate, private businesses, art) held by ultra-wealthy taxpayers; forced sales or borrowing may result.
The analysis put a high warning level on this bill. Transparency scores 35%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Greg Landsman.
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