What does Preamble of Donald J. Trump Wealth Tax Act of 2026 do?

This bill proposes to impose a one-time tax. The tax would apply to the portion of net worth exceeding $10,000,000. The tax applies to certain individuals and trusts.

What does SHORT TITLE. of Donald J. Trump Wealth Tax Act of 2026 do?

This bill is formally titled the Donald J. Trump Wealth Tax Act of 2026.

What does FINDINGS. of Donald J. Trump Wealth Tax Act of 2026 do?

This section outlines findings related to the national debt and a proposed wealth tax. It references statements made by Donald J. Trump in 1999 and 2015 regarding a wealth tax plan, which he claimed would raise $5.7 trillion and pay off the national debt. The text highlights concerns from analysts and conservatives about the U.S. national debt, citing figures from the Cato Institute, Senator John Thune, Elon Musk, and the 2016 GOP Platform. It notes that overseas operations related to the Global War on Terror have added over $2 trillion to the national debt. The 'One Big Beautiful Bill' is projected to add over $3 trillion to the national debt. According to the Congressional Research Service, if the proposed wealth tax raises the projected $5.7 trillion, it could reduce the debt-to-GDP ratio.

What does DONALD J. TRUMP WEALTH TAX. of Donald J. Trump Wealth Tax Act of 2026 do?

This section establishes a tax called the 'Donald J. Trump Wealth Tax'. The tax is imposed at a rate of 14.25 percent on the portion of a taxpayer's net worth exceeding $10,000,000, as determined on the date of the Act's enactment. Applicable taxpayers include U.S. citizens or residents, and nongrantor portions of domestic or foreign trusts with U.S. beneficiaries. Net worth is calculated as the fair market value of all assets minus bona fide liabilities, and for individuals, includes an exclusion for their principal residence and related acquisition indebtedness. The Secretary of the Treasury is tasked with creating regulations to implement and clarify the tax, including allocations for foreign trusts. For procedural and administrative purposes, the tax is treated as a tax imposed under subtitle F of the Internal Revenue Code.

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Donald J. Trump Wealth Tax Act of 2026

Last updated: 4/15/2026 · Introduced: 4/15/2026

Author: Juan Vargas (D-CA)

TL;DR (AI)

This bill establishes a one-time tax of 14.25 percent on the portion of an individual's or trust's net worth exceeding $10,000,000.
The tax applies to U.S. citizens, residents, and nongrantor portions of trusts with U.S. beneficiaries.
Net worth is calculated as the fair market value of assets minus liabilities, with an exclusion for an individual's principal residence.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

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