Legislative Activity

The "Oligarch Act of 2025" introduces a wealth tax on individuals and trusts with substantial assets, setting tiered tax rates based on the value of net taxable assets. It establishes valuation rules, special considerations for trusts and non-resident aliens, and mandates annual audits for a significant percentage of taxpayers subject to the tax. The act also includes provisions for information reporting, payment extensions under specific circumstances, and penalties for wealth tax valuation understatements. This tax is not deductible from income taxes and takes effect for calendar years following the bill's enactment.

The "Abolish Super PACs Act" seeks to limit the influence of large contributions in federal elections by amending the Federal Election Campaign Act of 1971 to include independent expenditure committees, also known as Super PACs, in contribution limits. This bill aims to reduce potential corruption, limit the appearance of corruption, and restore public trust in elections by setting reasonable limits on contributions to Super PACs. It defines an independent expenditure committee as any political committee that spends or contributes $5,000 or more to other independent expenditure committees during a calendar year. These changes would take effect the calendar year after the bill is enacted.

This bill recognizes and celebrates the 112th anniversary of Delta Sigma Theta Sorority, Incorporated, the largest African-American Greek letter sorority. It acknowledges the sorority's commitment to community support, academic excellence, and global impact through its various initiatives and programs. The bill also highlights the sorority's active role in promoting political awareness and involvement.