Ultra-Millionaire Tax Act of 2026

Progress

Timeline

• Mar 26Read twice and referred to the Committee on Finance.

Summary

This bill would create a new federal tax based on the total value of a person's assets (like property, investments, and savings) minus their debts. **What it does:** Adds a "wealth tax" to the tax code that would be calculated on someone's net worth rather than just their income. **Who it affects:** The bill doesn't specify exact thresholds, but wealth taxes typically target individuals or families with very high net worth - likely those with millions or tens of millions in total assets. **What would change:** Wealthy taxpayers would pay an annual tax based on the value of everything they own, not just the money they earn each year. This would require annual asset valuations and create a new category of federal taxation beyond income, capital gains, and estate taxes. The bill is currently in committee and would need to pass both chambers of Congress and be signed by the President to become law.

How This Affects You