Ultra-Millionaire Tax Act of 2026

The Ultra-Millionaire Tax Act of 2026 proposes a new annual tax on the net value of all assets held by the wealthiest households in the United States. Under this legislation, individuals and trusts with a net worth between $50 million and $1 billion would be subject to a 2% annual tax. For those with a net worth exceeding $1 billion, the bill proposes a 3% annual tax, which could increase to 6% if certain federal universal healthcare programs are established. The tax would apply to all asset types, including real estate, investments, and personal property, after subtracting any outstanding debts.

To ensure compliance, the bill aims to provide the Internal Revenue Service (IRS) with significant additional funding for enforcement, taxpayer services, and technology modernization. It also proposes strict anti-evasion measures, such as a 40% "exit tax" on individuals with more than $50 million in assets who renounce their U.S. citizenship. Additionally, the bill would require a minimum audit rate for taxpayers subject to the wealth tax and mandate regular reporting to Congress on the administration and effectiveness of the program.