Memorandum Explaining the Billionaire Program to UltrasTO: U.S. Residents with Net Worth Exceeding $200 Million
FROM: Federal Wealth Oversight Agency (FWOA)
RE: Participation in the Billionaire Program under the Billionaire Program Act (BPA)
This memorandum outlines the options and legal consequences available to individuals with a net worth in excess of $200 million (referred to as "Ultras") under the Billionaire Program established by the Billionaire Program Act (BPA). This information is intended to guide informed and voluntary decision-making in full compliance with federal law.
1. BACKGROUND
The BPA was enacted to address extreme wealth concentration and its corrosive effects on democracy and economic opportunity. The program provides a voluntary but legally binding path for Ultras to comply with a statutory Wealth Cap of $200 million through structured wealth redistribution.
2. DETERMINING STATUS
If your total net worth - defined as the fair market value of all worldwide assets less all directly or indirectly attributable liabilities - exceeds $200 million, you are classified as an “Ultra” under the BPA.
3. COMPLIANCE OPTIONS
A. ENROLL IN THE BILLIONAIRE PROGRAM
If you choose to enroll in the Billionaire Program, you become a Billionaire Program Participant (BPP).
Upon enrollment:
- You will begin gifting wealth in annual tranches of at least 10% of your wealth exceeding the $200 million Wealth Cap, or $150 million minimum per year, whichever is greater.
- Gifting must continue until your net worth is brought down to the Wealth Cap level (not including exempt assets).
- All gifts must be made to adult human individuals (age 18 or older), not to nonprofit organizations or entities. No single Donee may receive more than $15 million in cumulative lifetime gifts from a single BPP.
- You may retain one ownership interest in an active operating entity, provided your interest is valued at no more than $200 million (the "One Entity Exemption").
- You may also retain your primary residence, regardless of its value (the "Homestead Exemption").
- Once fully compliant and reduced to the Wealth Cap, your net worth may subsequently grow to the New Wealth Cap of $300 million. Any excess above the New Wealth Cap must be gifted to remain compliant.
- You will receive full federal estate and gift tax exemption and a “Downside Protection Floor,” which guarantees that your net worth cannot fall below $100 million (subject to deductions for losses due to illegal conduct, gambling, subsequent gifts at times when your net worth is below the Wealth Cap, or political donations to candidates or political action organizations (PACs)).
B. DECLINE TO ENROLL AND RETAIN WEALTH (PRISON OPTION)
If you choose not to enroll and retain wealth above the Wealth Cap, while also not choosing self-exile described in C. below:
- You will be subject to prosecution for “Wealth Hoarding,” a federal criminal offense punishable by a mandatory sentence of 40 years imprisonment.
- While imprisoned you will retain your rights to vote, make political contributions (including donations to PAC’s), and manage your financial affairs from your prison residence.
- There are no hardship exemptions and no legal defenses based on familial or trust arrangements where beneficial ownership or control is retained.
C. DECLINE TO ENROLL AND ELECT PERMANENT EXIT (SELF EXILE OPTION)
Alternatively, you may elect to permanently exit the United States.
In this case:
- You will retain your U.S. citizenship and passport, but you may never re-enter the United States or any U.S. territory.
- You will be subject to indictment and arrest if you return to the U.S. for any reason, including any travel through the U.S. to another foreign destination.
- You may retain your wealth abroad and retain your rights to vote in U.S. elections and make political contributions.
4. CONSEQUENCES AND COMPLIANCE MONITORING
The FWOA will conduct regular net worth assessments and public reporting. Failure to comply, underreporting, or asset concealment will result in federal criminal charges.
5. RECOMMENDATION
You are encouraged to consult legal and financial counsel. FWOA representatives are available to provide confidential guidance.
Respectfully,
Federal Wealth Oversight Agency (FWOA)
FROM: Federal Wealth Oversight Agency (FWOA)
RE: Participation in the Billionaire Program under the Billionaire Program Act (BPA)
This memorandum outlines the options and legal consequences available to individuals with a net worth in excess of $200 million (referred to as "Ultras") under the Billionaire Program established by the Billionaire Program Act (BPA). This information is intended to guide informed and voluntary decision-making in full compliance with federal law.
1. BACKGROUND
The BPA was enacted to address extreme wealth concentration and its corrosive effects on democracy and economic opportunity. The program provides a voluntary but legally binding path for Ultras to comply with a statutory Wealth Cap of $200 million through structured wealth redistribution.
2. DETERMINING STATUS
If your total net worth - defined as the fair market value of all worldwide assets less all directly or indirectly attributable liabilities - exceeds $200 million, you are classified as an “Ultra” under the BPA.
3. COMPLIANCE OPTIONS
A. ENROLL IN THE BILLIONAIRE PROGRAM
If you choose to enroll in the Billionaire Program, you become a Billionaire Program Participant (BPP).
Upon enrollment:
- You will begin gifting wealth in annual tranches of at least 10% of your wealth exceeding the $200 million Wealth Cap, or $150 million minimum per year, whichever is greater.
- Gifting must continue until your net worth is brought down to the Wealth Cap level (not including exempt assets).
- All gifts must be made to adult human individuals (age 18 or older), not to nonprofit organizations or entities. No single Donee may receive more than $15 million in cumulative lifetime gifts from a single BPP.
- You may retain one ownership interest in an active operating entity, provided your interest is valued at no more than $200 million (the "One Entity Exemption").
- You may also retain your primary residence, regardless of its value (the "Homestead Exemption").
- Once fully compliant and reduced to the Wealth Cap, your net worth may subsequently grow to the New Wealth Cap of $300 million. Any excess above the New Wealth Cap must be gifted to remain compliant.
- You will receive full federal estate and gift tax exemption and a “Downside Protection Floor,” which guarantees that your net worth cannot fall below $100 million (subject to deductions for losses due to illegal conduct, gambling, subsequent gifts at times when your net worth is below the Wealth Cap, or political donations to candidates or political action organizations (PACs)).
B. DECLINE TO ENROLL AND RETAIN WEALTH (PRISON OPTION)
If you choose not to enroll and retain wealth above the Wealth Cap, while also not choosing self-exile described in C. below:
- You will be subject to prosecution for “Wealth Hoarding,” a federal criminal offense punishable by a mandatory sentence of 40 years imprisonment.
- While imprisoned you will retain your rights to vote, make political contributions (including donations to PAC’s), and manage your financial affairs from your prison residence.
- There are no hardship exemptions and no legal defenses based on familial or trust arrangements where beneficial ownership or control is retained.
C. DECLINE TO ENROLL AND ELECT PERMANENT EXIT (SELF EXILE OPTION)
Alternatively, you may elect to permanently exit the United States.
In this case:
- You will retain your U.S. citizenship and passport, but you may never re-enter the United States or any U.S. territory.
- You will be subject to indictment and arrest if you return to the U.S. for any reason, including any travel through the U.S. to another foreign destination.
- You may retain your wealth abroad and retain your rights to vote in U.S. elections and make political contributions.
4. CONSEQUENCES AND COMPLIANCE MONITORING
The FWOA will conduct regular net worth assessments and public reporting. Failure to comply, underreporting, or asset concealment will result in federal criminal charges.
5. RECOMMENDATION
You are encouraged to consult legal and financial counsel. FWOA representatives are available to provide confidential guidance.
Respectfully,
Federal Wealth Oversight Agency (FWOA)