Congress·In Committee·H.R. 8085

Ultra-Millionaire Tax Act of 2026

Rep. Jayapal Introduces Ultra-Millionaire Tax Act to Tax Fortunes Over $50 Million

1 day ago·View on Congress.gov·Read full text

The Ultra-Millionaire Tax Act of 2026 is currently in the early stages of the legislative process after being referred to the House Committee on Ways and Means. The bill is considered active, but no further hearings or votes have been scheduled at this time.

Legislative Progress

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Senate

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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.
From policy text
“a tax is hereby imposed on the net value of all taxable assets of the taxpayer on the last day of any calendar year”
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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.
From policy text
“2 percent of so much of the net value of all taxable assets of the taxpayer in excess of the zero bracket threshold but not in excess of the top bracket threshold”
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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.
From policy text
“The Secretary shall annually audit not less than 30 percent of taxpayers required to pay the tax imposed under this chapter.”
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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.
From policy text
“which is a collectible as defined in section 408(m), a boat, an aircraft, a mobile home, a trailer, a vehicle, or an antique or other asset that maintains or increases its value over time”
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TaxesEconomy Finance

Impact Analysis

Personal Impact

Who is affectedScoreImpactCertaintyScopeDurationSentiment

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions

Mar 25, 2026House

Referred to the House Committee on Ways and Means.

Mar 25, 2026

Introduced in House

What Happens Next

Projected impacts based on AI analysis

January 2028

Wealth tax takes effect for the first time

Individuals with net worth over $50 million would owe their first annual wealth tax payment, calculated based on their total assets on December 31, 2027.

Within 12 months of enactment

Treasury must finalize asset valuation rules and reporting requirements

Within 12 months of enactment, the Treasury would need to create entirely new rules for valuing hard-to-price assets like private businesses, art, and trusts — a massive undertaking that determines how much people actually owe.