Ultra-Millionaire Tax Act of 2026

Progress

Timeline

• Mar 25Referred to the House Committee on Ways and Means.

Summary

**HR 8085: Ultra-Millionaire Tax Act of 2026** **What it does:** Creates a new annual wealth tax on the richest Americans based on their total assets (not just income). **Who it affects:** Individuals and families with net worth over $50 million would pay a 2% annual tax on their wealth above that threshold. Those worth over $1 billion would pay 3% on wealth above $1 billion. **What would change:** Ultra-wealthy Americans would pay taxes on their total accumulated wealth each year, not just their yearly income. For example, someone worth $100 million would pay 2% tax on $50 million (the amount over the threshold), equaling $1 million annually. The government would gain a new revenue source, while affected taxpayers would face additional tax obligations on assets like stocks, real estate, and businesses they own. **Current status:** The bill is in committee for review and has not been voted on by Congress.

How This Affects You