A Democratic bill with 10 Democratic cosponsors · See all 10 cosponsors
Last activity — Read twice and referred to the Committee on Finance.
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
The "Ultra-Millionaire Tax Act of 2026" proposes amending the Internal Revenue Code of 1986 to implement a new wealth tax. This tax is based on the net value of an individual's taxable assets at the end of each calendar year. The bill establishes specific tax brackets, with a 2 percent rate for assets above $50,000,000 and a higher applicable percentage for assets exceeding $1,000,000,000. It includes specific rules for married individuals, trusts, and non-residents. The Act also provides for information reporting, enforcement through audits, and significant funding for the IRS.
Yes· 3 of 6
- Scored +10
Does this raise taxes on the highest earners?
The bill imposes a new wealth tax of 2 percent on assets over $50,000,000 and a higher percentage on assets over $1,000,000,000.
- Scored +5
Does this make the government pay for what it commits to?
The bill generates significant revenue through a new wealth tax on high-net-worth individuals.
- Scored +5
Does this strengthen the Affordable Care Act?
The bill's tax rate structure is potentially linked to legislation providing comprehensive health care protection for all residents.
The opposite· 3 of 4
- Scored -10
Would people with substantial wealth be better off under this?
The bill imposes a multi-bracket wealth tax on individuals with extremely high net worth.
- Scored -10
Would billionaires be better off under this?
The bill imposes a higher applicable percentage on assets exceeding $1,000,000,000.
- Scored -8
Would high-income households be better off under this?
The bill imposes a substantial new tax on net assets exceeding $50 million.
Who it would affect, and how
Potential Positive Impacts for People
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Lower Tax Rate Based on Health Care Legislation: The applicable tax percentage for assets over $1 billion may be set at 3 percent instead of 6 percent if legislation is passed that provides all US residents with comprehensive health care protection and prohibits duplicate benefits (Section 2901(c)).
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Exclusion of Certain Tangible Personal Property: Tangible personal property valued at $50,000 or less is not included in the taxable assets calculation (Section 2902(b)(1)).
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Relief for Taxpayers with Financial Hardship: The Secretary may extend the time for paying the wealth tax for up to 5 years if a taxpayer has severe liquidity constraints or if immediate payment would cause undue hardship on an ongoing enterprise (Section 6161(a)).
Potential Negative Impacts for People
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Tax on High Net Worth Individuals: A tax is imposed on the net value of all taxable assets, including a 2 percent rate for assets between $50,000,000 and $1,000,000,000, plus an applicable percentage for assets over $1,000,000,000 (Section 2901(b)).
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Increased Tax Rates for Expatriates: Individuals who are covered expatriates are taxed at a higher rate of 40 percent (Section 2903(c)).
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Heavy Penalties for Asset Undervaluation: Taxpayers may face increased penalties if they provide a substantial wealth tax valuation understatement, which occurs if the claimed value is 65 percent or less of the correct amount (Section 6662(b)).
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Mandatory Audits: The Secretary is required to annually audit at least 30 percent of taxpayers required to pay the tax (Section 2905).
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.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The tax targets only the extremely wealthy, leaving low-income households unaffected by the new tax. Would billionaires be better off under this? — The bill imposes a higher applicable percentage on assets exceeding $1,000,000,000. Would people with substantial wealth be better off under this? — The bill imposes a multi-bracket wealth tax on individuals with extremely high net worth. Would high-income households be better off under this? — The bill imposes a substantial new tax on net assets exceeding $50 million. Would business owners be better off under this? — The bill taxes significant assets used in trade or business if they exceed the specified thresholds.
- Economy And Finance
- Does this raise taxes on the highest earners? — The bill imposes a new wealth tax of 2 percent on assets over $50,000,000 and a higher percentage on assets over $1,000,000,000. Does this make the government pay for what it commits to? — The bill generates significant revenue through a new wealth tax on high-net-worth individuals.
- Healthcare
- Does this strengthen the Affordable Care Act? — The bill's tax rate structure is potentially linked to legislation providing comprehensive health care protection for all residents.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — The proposed wealth tax could provide revenue for social programs that reduce poverty.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill mandates periodic reports to Congress regarding the administration and enforcement of the wealth tax.
- 3/26/2026
- Read twice and referred to the Committee on Finance.
- 10 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Tammy DuckworthDemocrat · Illinois
Mazie HironoDemocrat · Hawaii
Edward MarkeyDemocrat · Massachusetts
Jeff MerkleyDemocrat · Oregon
Adam SchiffDemocrat · California
Brian SchatzDemocrat · Hawaii
Tina SmithDemocrat · Minnesota
Chris Van HollenDemocrat · Maryland
Peter WelchDemocrat · Vermont
Sheldon WhitehouseDemocrat · Rhode Island