What does Preamble of Ultra-Millionaire Tax Act of 2026 do?

This bill aims to amend the Internal Revenue Code of 1986 The amendment proposes a tax on the net value of assets of a taxpayer

What does SHORT TITLE. of Ultra-Millionaire Tax Act of 2026 do?

This bill is formally titled the Ultra-Millionaire Tax Act of 2026.

What does IMPOSITION OF WEALTH TAX. of Ultra-Millionaire Tax Act of 2026 do?

This section imposes a wealth tax on individuals with taxable assets above certain thresholds. The tax rates are 0% for assets up to $50,000,000, 2% for assets between $50,000,000 and $1,000,000,000, and an applicable percentage above $1,000,000,000. The applicable percentage is 3% unless legislation establishing a health insurance program is in effect, in which case it is 6%. Married individuals are treated as one taxpayer, and nongrantor multibeneficiary trusts are treated as individuals. The Secretary of the Treasury is required to establish rules for information reporting and enforcement of the tax.

What does STRENGTHENING DISCLOSURE REQUIREMENTS. of Ultra-Millionaire Tax Act of 2026 do?

This section focuses on strengthening disclosure requirements related to information reporting under the Internal Revenue Code of 1986. The Secretary of the Treasury is authorized to issue rules and regulations to prevent taxpayers from avoiding these reporting requirements by placing assets in foreign entities. The Secretary must develop a plan to leverage data collected under chapter 4 of the Internal Revenue Code for agency compliance efforts. This plan should evaluate how current enforcement actions improve voluntary compliance and address noncompliance.

What does INTERNAL REVENUE SERVICE FUNDING. of Ultra-Millionaire Tax Act of 2026 do?

This section amends the Internal Revenue Code of 1986 to add a new section for authorization of appropriations. The new section authorizes appropriations for fiscal years 2027 through 2037 for enforcement, taxpayer services, and business system modernization. Authorized appropriations include $70,000,000,000 for enforcement, $10,000,000,000 for taxpayer services, and $20,000,000,000 for business system modernization.

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Ultra-Millionaire Tax Act of 2026

Last updated: 3/25/2026 · Introduced: 3/25/2026

Author: Pramila Jayapal (D-WA)

TL;DR (AI)

The bill imposes a wealth tax on individuals with taxable assets above $50,000,000, with tax rates ranging from 2% to 6% depending on the asset value and the existence of a health insurance program.
The Secretary of the Treasury is authorized to issue rules and regulations to prevent taxpayers from avoiding reporting requirements by placing assets in foreign entities and to develop a plan to leverage collected data for compliance efforts.
The bill authorizes appropriations of $100,000,000,000 from fiscal years 2027 through 2037 for the Internal Revenue Service to fund enforcement, taxpayer services, and business system modernization.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

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