# 119-hr-8085: Ultra-Millionaire Tax Act of 2026 119-hr-8085, Ultra-Millionaire Tax Act of 2026, is a 119th Congress bill sponsored by Rep. Jayapal, Pramila [D-WA-7] (D-WA); status introduced; PRIA reads it as touching household money (as of 2026-10-31). - Canonical: https://policyrisk.com/legislation/119-hr-8085 - As of: 2026-10-31 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: 119-hr-8085 - Congress: 119 - Title: Ultra-Millionaire Tax Act of 2026 - Status: introduced - Introduced: 2026-03-25 - Sponsor: Rep. Jayapal, Pramila [D-WA-7] (D-WA) - Cosponsors: 50 - Policy area: Taxation - Touches household money: yes - Last recorded action: 2026-10-31 ## Summary **Would establish an annual wealth tax on ultra-high net worth individuals.** It would measure net assets each year and create new rules for valuation, reporting, and enforcement while funding major IRS work over a decade. - Ultra-wealthy households: Would tax net assets above $50 million, applying 2% on value between $50 million and $1 billion and a top rate that is 3% or 6% on amounts above $1 billion depending on whether qualifying universal health legislation is in effect. - Trusts and beneficiaries: Would treat certain nongrantor multibeneficiary trusts as individual taxpayers and let the Treasury set rules for how zero-bracket amounts and top-bracket amounts are allocated and carried forward among beneficiaries. - Tax administration and enforcement: Would authorize $70 billion for enforcement, $10 billion for taxpayer services, and $20 billion for business system modernization for fiscal years 2027–2037. It would require the Treasury to audit at least 30% of wealth taxpayers annually, develop a FATCA enforcement plan, expand anti-avoidance rules, create steep penalties for valuation understatements, and allow up to 5 years of payment relief for qualifying liquidity hardships. ## Cosponsors (50) - Rep. Lofgren, Zoe [D-CA-18] (D-CA), 2026-10-29T00:00:00.000Z - Rep. Boyle, Brendan F. [D-PA-2] (D-PA), 2026-03-25T00:00:00.000Z - Rep. Ansari, Yassamin [D-AZ-3] (D-AZ), 2026-03-25T00:00:00.000Z - Rep. Beyer, Donald S. [D-VA-8] (D-VA), 2026-03-25T00:00:00.000Z - Rep. Chu, Judy [D-CA-28] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Davis, Danny K. [D-IL-7] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Dean, Madeleine [D-PA-4] (D-PA), 2026-03-25T00:00:00.000Z - Rep. Deluzio, Christopher R. [D-PA-17] (D-PA), 2026-03-25T00:00:00.000Z - Rep. DeSaulnier, Mark [D-CA-10] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Foushee, Valerie P. [D-NC-4] (D-NC), 2026-03-25T00:00:00.000Z - Rep. Friedman, Laura [D-CA-30] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Frost, Maxwell [D-FL-10] (D-FL), 2026-03-25T00:00:00.000Z - Rep. García, Jesús G. "Chuy" [D-IL-4] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Garcia, Robert [D-CA-42] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Goldman, Daniel S. [D-NY-10] (D-NY), 2026-03-25T00:00:00.000Z - Rep. Grijalva, Adelita S. [D-AZ-7] (D-AZ), 2026-03-25T00:00:00.000Z - Rep. Ivey, Glenn [D-MD-4] (D-MD), 2026-03-25T00:00:00.000Z - Rep. Jackson, Jonathan L. [D-IL-1] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Johnson, Henry C. "Hank" [D-GA-4] (D-GA), 2026-03-25T00:00:00.000Z - Rep. Kelly, Robin L. [D-IL-2] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Lee, Summer L. [D-PA-12] (D-PA), 2026-03-25T00:00:00.000Z - Rep. McGovern, James P. [D-MA-2] (D-MA), 2026-03-25T00:00:00.000Z - Rep. Nadler, Jerrold [D-NY-12] (D-NY), 2026-03-25T00:00:00.000Z - Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2026-03-25T00:00:00.000Z - Rep. Ocasio-Cortez, Alexandria [D-NY-14] (D-NY), 2026-03-25T00:00:00.000Z - Rep. Omar, Ilhan [D-MN-5] (D-MN), 2026-03-25T00:00:00.000Z - Rep. Pallone, Frank [D-NJ-6] (D-NJ), 2026-03-25T00:00:00.000Z - Rep. Pressley, Ayanna [D-MA-7] (D-MA), 2026-03-25T00:00:00.000Z - Rep. Ramirez, Delia C. [D-IL-3] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Sánchez, Linda T. [D-CA-38] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Schakowsky, Janice D. [D-IL-9] (D-IL), 2026-03-25T00:00:00.000Z - Rep. Simon, Lateefah [D-CA-12] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Smith, Adam [D-WA-9] (D-WA), 2026-03-25T00:00:00.000Z - Rep. Stansbury, Melanie A. [D-NM-1] (D-NM), 2026-03-25T00:00:00.000Z - Rep. Takano, Mark [D-CA-39] (D-CA), 2026-03-25T00:00:00.000Z - Rep. Thanedar, Shri [D-MI-13] (D-MI), 2026-03-25T00:00:00.000Z - Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2026-03-25T00:00:00.000Z - Rep. Tokuda, Jill N. [D-HI-2] (D-HI), 2026-03-25T00:00:00.000Z - Rep. Velázquez, Nydia M. [D-NY-7] (D-NY), 2026-03-25T00:00:00.000Z - Rep. Watson Coleman, Bonnie [D-NJ-12] (D-NJ), 2026-03-25T00:00:00.000Z - Rep. Casar, Greg [D-TX-35] (D-TX), 2026-03-26T00:00:00.000Z - Rep. Waters, Maxine [D-CA-43] (D-CA), 2026-03-27T00:00:00.000Z - Rep. Evans, Dwight [D-PA-3] (D-PA), 2026-04-02T00:00:00.000Z - Rep. Meng, Grace [D-NY-6] (D-NY), 2026-04-09T00:00:00.000Z - Rep. Pingree, Chellie [D-ME-1] (D-ME), 2026-04-14T00:00:00.000Z - Rep. Mejia, Analilia [D-NJ-11] (D-NJ), 2026-04-27T00:00:00.000Z - Rep. Khanna, Ro [D-CA-17] (D-CA), 2026-05-04T00:00:00.000Z - Rep. Leger Fernandez, Teresa [D-NM-3] (D-NM), 2026-05-12T00:00:00.000Z - Rep. Espaillat, Adriano [D-NY-13] (D-NY), 2026-06-10T00:00:00.000Z - Rep. Dexter, Maxine [D-OR-3] (D-OR), 2026-06-23T00:00:00.000Z ## Provisions PRIA read - Payment relief and death-year rules: benefit, medium. If enacted, the Treasury Secretary could let taxpayers delay paying the wealth tax for up to 5 years if they have severe liquidity problems or if immediate payment would unduly hurt an ongoing business. The Treasury must write rules within 12 months after enactment. If an individual dies during the… - Nonresidents taxed only on U.S. property: benefit, low. If enacted, nonresident noncitizens would be taxed only on property located in the United States. Treasury would determine what counts as U.S.-situated property using rules like those in existing law. This rule would apply for calendar years after December 31, 2026. - High tax on covered expatriates: cost, high. If enacted, covered expatriates would be taxed at a 40% rate for the wealth tax and the tax year would end the day before expatriation for valuation purposes. This rule would apply for calendar years beginning after December 31, 2026. - New annual wealth tax for ultra-rich: cost, high. If enacted, individuals would face a new annual tax on net assets measured on the last day of the year. No tax would apply to net assets up to $50 million. A 2% tax would apply to assets between $50 million and $1 billion. Assets above $1 billion would face an extra 3% tax, or 6% in any year a fede… - New trust and family transfer rules: cost, high. If enacted, the bill would treat many trust assets and some family gifts as the taxpayer's property for the wealth tax. Gifts to family members under age 18 made after enactment would be treated as the transferor's property until the child turns 18. Grantor-trust assets would be treated as owned by… - Wealth tax not deductible on returns: cost, high. If enacted, taxpayers could not deduct wealth taxes paid from their income tax returns. That change would start for calendar years after December 31, 2026. - Stronger audits, penalties, and reporting: cost, medium. If enacted, the IRS would have to audit at least 30% of taxpayers who pay the wealth tax each year. Treasury must issue rules within 12 months requiring institutions to report asset information needed to enforce the tax and may link this to current reporting systems. Penalties for valuation underst… - Large IRS funding for wealth tax: mixed, high. If enacted, the bill would authorize $70 billion for enforcement, $10 billion for taxpayer services, and $20 billion for IRS business system modernization for fiscal years 2027 through 2037. The funding would support enforcement, audits, taxpayer help, and IT upgrades to run the new wealth tax. ## Related bills - 119-hr-51: Washington, D.C. Admission Act - 119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025 - 119-hr-5390: FAMILY Act - 119-hr-15: Equality Act - 119-hr-1589: American Dream and Promise Act of 2025 - 119-hr-2763: American Family Act ## Sources - [119-hr-8085 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/8085) ## Related - [119-hr-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-hr-51) - [119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-hr-20) - [119-hr-5390: FAMILY Act](https://policyrisk.com/legislation/119-hr-5390) - [119-hr-15: Equality Act](https://policyrisk.com/legislation/119-hr-15) - [119-hr-1589: American Dream and Promise Act of 2025](https://policyrisk.com/legislation/119-hr-1589) - [119-hr-2763: American Family Act](https://policyrisk.com/legislation/119-hr-2763) - [All bills in Congress](https://policyrisk.com/legislation) Source: PRIA, https://policyrisk.com/legislation/119-hr-8085 (as of 2026-10-31).