1. Short title This Act may be cited as the Oligarch Act of 2023 . 2. Imposition of wealth tax (a) In general The Internal Revenue Code of 1986 is amended by inserting after subtitle B the following new subtitle: B–1 Wealth tax Chapter 18—Determination of wealth tax 18 Determination of wealth tax Sec. 2901. Imposition of tax. Sec. 2902. Net value of taxable assets. Sec. 2903. Special rules. Sec. 2904. Information reporting. Sec. 2905. Enforcement. 2901. Imposition of tax (a) In general In the case of any applicable taxpayer, a tax is hereby imposed on the net value of all taxable assets of the taxpayer on the last day of any calendar year. (b) Computation of tax (1) Individuals In the case of an individual, the tax imposed by this section shall be equal to the sum of— (A) 2 percent of so much of the net value of all taxable assets of the taxpayer as exceed the threshold amount but do not exceed the product of 10 multiplied by threshold amount, (B) 4 percent of so much of the net value of all taxable assets of the taxpayer as exceed the product of 10 multiplied by the threshold amount but do not exceed the product of 100 multiplied by the threshold amount, (C) 6 percent of so much of the net value of all taxable assets of the taxpayer as exceed the product of 100 multiplied by the threshold amount but do not exceed the product of 1,000 multiplied by the threshold amount, plus (D) 8 percent of so much of the net value of all taxable assets of the taxpayer as exceed the product of 1,000 multiplied by the threshold amount. (2) Trusts In the case of a trust, the tax imposed by this section shall be equal to 8 percent of so much of the net value of all taxable assets of the taxpayer as exceed the threshold amount. (c) Applicable taxpayer (1) In general The term applicable taxpayer means any individual or any trust (other than a trust described in section 401(a) and exempt from tax under section 501(a)). (2) Treatment of married individuals For purposes of this section, individuals who are married (as defined in