1. Short title This Act may be cited as the Ultra-Millionaire Tax Act of 2024 . 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 an individual, 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) In general The tax imposed by this section shall be equal to the sum of— (A) 0 percent of so much of the net value of all taxable assets of the taxpayer as does not exceed the zero bracket threshold, (B) 2 percent of so much of the net value of all taxable assets of the taxpayer in excess of the zero bracket threshold but not in excess of the top bracket threshold, plus (C) the applicable percentage of so much of the net value of all such taxable assets of the taxpayer in excess of the top bracket threshold. (2) Zero bracket threshold