A Democratic bill with no cosponsors
Last activity — Referred to the House Committee on Ways and Means.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, titled the "Donald J. Trump Wealth Tax Act of 2026," seeks to impose a one-time tax on certain individuals and trusts. The tax rate is set at 14.25 percent on the amount of net worth that exceeds $10,000,000. Applicable taxpayers include U.S. citizens or residents, as well as certain domestic and foreign trust portions. Net worth is calculated based on the fair market value of all assets minus specific liabilities and, for individuals, the value of a principal residence. The Act aims to address the national debt, which several findings suggest is a significant burden on the economy and future generations.
Yes· 3 of 8
- Scored +10
Does this raise taxes on the highest earners?
The bill imposes a 14.25 percent tax on net worth exceeding $10,000,000 for individuals and certain trusts.
- Scored +10
Does this reduce what the federal government owes?
The bill aims to use the revenue from the wealth tax to pay off the national debt.
- Scored +5
Is this likely to grow the economy?
The bill's findings suggest that reducing the national debt is crucial for economic health and prosperity.
The opposite· 3 of 4
- Scored -10
Would people with substantial wealth be better off under this?
The bill imposes a substantial 14.25 percent tax on net worth over $10,000,000.
- Scored -10
Would the very wealthiest people be better off under this?
The bill specifically targets individuals with high net worth for a significant one-time tax.
- Scored -10
Would billionaires be better off under this?
The tax is imposed on net worth exceeding $10,000,000, which heavily affects the wealthiest individuals.
Who it would affect, and how
Potential Positive Impacts for People
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Debt Reduction: If the tax raises the $5.7 trillion predicted in 1999, it could reduce the debt-to-GDP ratio from an estimated 101 percent to 83 percent (Section 2).
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Economic Stability: The bill cites various arguments that reducing the national debt is crucial for economic health and prosperity (Section 2).
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Relief for Future Generations: The bill references concerns that the national debt is a burden on future generations, suggesting a reduction in debt could remove these burdens (Section 2).
Potential Negative Impacts for People
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Tax Burden on High-Net-Worth Individuals: Applicable taxpayers, including U.S. citizens or residents and certain trusts, must pay a 14.25 percent tax on net worth exceeding $10,000,000 (Section 3).
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Asset Valuation Requirements: Taxpayers must have their net worth determined based on the fair market value of all assets as of the date the Act is enacted (Section 3).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this raise taxes on the highest earners? — The bill imposes a 14.25 percent tax on net worth exceeding $10,000,000 for individuals and certain trusts. Does this reduce what the federal government owes? — The bill aims to use the revenue from the wealth tax to pay off the national debt. Is this likely to grow the economy? — The bill's findings suggest that reducing the national debt is crucial for economic health and prosperity. Does this make the government pay for what it commits to? — The bill seeks to reduce the debt-to-GDP ratio through a significant one-time tax levy.
- Demographic And Interest Groups
- Would children be better off under this? — Reducing the national debt is described as protecting the future of kids and grandkids. Would households on low incomes be better off under this? — Reducing the national debt is intended to alleviate economic burdens on families. Would middle-income households be better off under this? — The bill aims to reduce the national debt which is described as a burden on families. Would people in their twenties and thirties be better off under this? — Debt reduction is intended to reduce the financial burden on future generations. Would billionaires be better off under this? — The tax is imposed on net worth exceeding $10,000,000, which heavily affects the wealthiest individuals. Would people with substantial wealth be better off under this? — The bill imposes a substantial 14.25 percent tax on net worth over $10,000,000. Would the very wealthiest people be better off under this? — The bill specifically targets individuals with high net worth for a significant one-time tax. Would high-income households be better off under this? — The bill targets individuals with net worth exceeding $10,000,000 for a 14.25 percent tax.
- 4/15/2026
- Referred to the House Committee on Ways and Means.
- Introduced in House