1. Short title This Act may be cited as the Make Billionaires Pay Act . I Pandemic wealth tax 101. Imposition of pandemic wealth tax (a) In general The Internal Revenue Code of 1986 is amended by inserting after subtitle B the following new subtitle: B–1 Pandemic wealth tax Chapter 18—Determination of wealth tax 18 Determination of wealth tax Sec. 2901. Imposition of tax. Sec. 2902. Net value of assets. Sec. 2903. Special rules. 2901. Imposition of tax (a) In general In the case of any applicable individual, there is hereby imposed a tax of 60 percent of the excess (if any) of— (1) the net value of assets of the applicable individual on December 31, 2020, over (2) the greater of— (A) the net value of assets of the applicable individual on March 18, 2020, or (B) $1,000,000,000. (b) Applicable individual For purposes of this chapter, the term applicable individual means any individual whose assets have a net value on December 31, 2020, of more than $1,000,000,000. 2902. Net value of assets (a) In general The net value of assets held by an applicable individual as of any day shall be the excess of— (1) the value of all property of the applicable individual, real or personal, tangible or intangible, wherever situated, on such day, over (2) the amount of any debt owed by the applicable individual on such day. (b) Inclusion of certain gifts For purposes of this subtitle, any property transferred by an applicable individual during the period described in section 2901(a) to an individual who is a member of the family of the applicable individual (as determined under section 267(c)(4)) and has not attained the age of 18 shall be treated as property held by the taxpayer for any date before such individual attains the age of 18. (c) Establishment of valuation rules (1) Authority of Secretary The Secretary shall establish rules and methods for determining the value of any asset for purposes of this subtitle. (2) General rules Except as otherwise provided in this paragraph, the rules and methods established under paragraph