Ultra-Millionaire Tax Act of 2026

This bill would create a new annual federal tax on the net worth of individuals, measured on the last day of each year starting after December 31, 2026. Net worth above $50 million would be taxed at 2 percent, and net worth above $1 billion at 3 percent, rising to 6 percent in any year a national health insurance program covering all residents is in effect. Married couples would be treated as one taxpayer, people who give up U.S. citizenship would face a 40 percent rate, and the IRS would have to audit at least 30 percent of those owing the tax each year. The bill also raises penalties for undervaluing assets and authorizes $100 billion for the IRS for fiscal years 2027 through 2037.

Full text and official record on Congress.gov

Sponsors

• Pramila Jayapal Democrat sponsor
• 50 cosponsors