Ultra-Millionaire Tax Act of 2026

Key Points

• This bill creates a brand-new annual tax on the total wealth of the richest Americans. Instead of taxing just income, it would tax everything a person owns — stocks, real estate, businesses, and more — if their net worth exceeds $50 million.
• People with fortunes between $50 million and $1 billion would pay 2% per year. Billionaires would pay 3%, but that rate jumps to 6% if the U.S. creates a universal healthcare program that bans duplicate private coverage.
• The IRS would be required to audit at least 30% of people subject to this tax every single year, a far higher rate than the current audit rate for wealthy taxpayers.
• The bill authorizes $100 billion in new IRS funding over 10 years: $70 billion for enforcement, $10 billion for taxpayer services, and $20 billion for upgrading old technology systems.
• Wealthy Americans who try to renounce their citizenship to dodge the tax would face a punishing 40% exit tax on their total wealth, applied as if the calendar year ended the day before they left.
• Everyday personal items like furniture or clothing worth $50,000 or less are excluded, but luxury assets like yachts, private jets, collectibles, and antiques are counted toward a person's taxable wealth.

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