US HB8085

Imposes an annual 2% tax on net assets between $50 million and $1 billion, and 3% on assets exceeding $1 billion (increasing to 6% if universal health insurance legislation is enacted)

Applies to all property worldwide including real estate, investments, business interests, and trust assets, with debts subtracted to determine net taxable value

Covered expatriates face a 40% exit tax on all assets; married couples are treated as a single taxpayer; non-residents taxed only on U.S.-situated property

Requires the Secretary of Treasury to establish valuation rules within 12 months for hard-to-value assets and mandates annual audits of at least 30% of affected taxpayers

Authorizes $100 billion in IRS funding for fiscal years 2027-2037 ($70 billion for enforcement, $10 billion for taxpayer services, $20 billion for modernization)