Ultra-Millionaire Tax Act of 2026 imposes a wealth tax on the net value of assets for individuals.

The Ultra-Millionaire Tax Act of 2026 amends the Internal Revenue Code to impose a tax on the net value of assets of a taxpayer. The tax applies to the net value of all taxable assets of the taxpayer on the last day of any calendar year. Assets include real or personal property, tangible or intangible, wherever situated, reduced by any debts owed by the taxpayer. The tax rate is 0% for assets up to $50 million, 2% for assets between $50 million and $1 billion, and 4% for assets over $1 billion. Certain assets, like those used in a trade or business, are excluded.

Ultra-Millionaire Tax Act of 2026 imposes a wealth tax on the net value of assets for individuals.

The Ultra-Millionaire Tax Act of 2026 amends the Internal Revenue Code to impose a tax on the net value of assets of a taxpayer. The tax applies to the net value of all taxable assets of the taxpayer on the last day of any calendar year. Assets include real or personal property, tangible or intangible, wherever situated, reduced by any debts owed by the taxpayer. The tax rate is 0% for assets up to $50 million, 2% for assets between $50 million and $1 billion, and 4% for assets over $1 billion. Certain assets, like those used in a trade or business, are excluded.