Ultra-Millionaire Tax Act of 2026
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- Senate
- Sponsors
- 11
- Latest action
- Mar 26, 2026
What it does
The Ultra-Millionaire Tax Act of 2026 would impose an annual wealth tax on individuals with net assets exceeding $50 million, applying a 2% rate on assets between $50 million and $1 billion and a 3% rate (potentially rising to 6% if universal health care legislation is enacted) on assets above $1 billion. The tax applies to individuals and treats married couples as a single taxpayer, while also extending to nongrantor multibeneficiary trusts as if they were individuals. It requires the Treasury Secretary to establish valuation rules for hard-to-value assets within 12 months of enactment and includes special rules for deceased individuals and non-residents. The bill excludes certain…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.