This morning, a bill known as the Super Duper Looper Act was introduced in the Senate (A) by Senators from Idaho, Maryland, North Carolina, and Massachusetts. The proposed legislation aims to create a subcommittee within the Senate Finance Committee called the "Loophole Investigation Subcommittee" to investigate tax loopholes used by America's top 1% of asset holders. The subcommittee would consist of 10 senators, with five Democrats and five Republicans, selected by the committee chair.

The Super Duper Looper Act intends to promote transparency and accountability by reporting subcommittee findings to the Senate Finance Committee every three months. The Senate Finance Committee will use these findings to identify and investigate key tax loopholes, proposing legislation to address any negative effects. Additionally, the subcommittee will investigate high-wealth individuals who may be moving large capital amounts into offshore tax havens. If passed, high-wealth individuals moving more than 25% of their US-based assets offshore will be required to seek approval from the Internal Revenue Service (IRS). Failure to report asset transfers will result in the blocking of the individual's name from conducting any financial transactions.

One amendment proposed was setting the capital at $100,000, which was argued by a senator as “necessary for families to survive”. However, the amendment failed to pass as no republicans voted for it. Another amendment was suggested to remove section four of the bill, but no democrats voted to open debate on this amendment, and the motion failed. Similarly, an amendment to change from 1% to 5% of asset holders was brought up but also failed. There was even some discussion for 3%. A common pattern was found with the votes: each party voted for the opposite of the other.

After a lot of failures, an amendment finally did pass. It stated that Congress will investigate the progress of the committee upon the expiration of the five-year subcommittee. The committee will then determine whether the committee should continue in effect or discontinue.

The West Wing joined in on the discussion, supporting the bill, and the authors emphasized their belief in "no taxation without representation." In the end, the bill passed with almost the majority.

The Super Duper Looper Act is a crucial step towards addressing income inequality and ensuring that everyone pays their fair share of taxes. By creating a subcommittee to investigate tax loopholes used by the wealthiest Americans, the government is taking action to level the playing field. The proposed legislation promotes transparency and accountability while allowing the Senate Finance Committee to identify and address key tax loopholes. The bill's passage would require high-wealth individuals to report asset transfers and provide greater accountability for tax evaders.

The bill will take effect in 91 days and be funded by the Senate Appropriations.