Ultra-Millionaire Tax Act of 2026

This bill would create a yearly federal tax on the net worth of individuals, with married couples treated as one taxpayer, starting in 2027. Net worth up to $50 million would not be taxed, net worth between $50 million and $1 billion would be taxed at 2 percent, and net worth above $1 billion would be taxed at 3 percent, rising to 6 percent if a national health insurance program covering all U.S. residents is in effect. People who give up U.S. citizenship and meet certain conditions would be taxed at 40 percent on their net worth above $50 million. The IRS would be required to audit at least 30 percent of those who owe the tax each year, and the bill would raise penalties for undervaluing assets. It would also authorize $100 billion for the IRS from 2027 through 2037 for enforcement, taxpayer services, and computer system upgrades.

Full text and official record on Congress.gov

Sponsors

• Elizabeth Warren Democrat sponsor
• 10 cosponsors