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119-hr-8316119th CongressWALLET
Donald J. Trump Wealth Tax Act of 2026
Sponsored By: Representative Vargas, Juan [D-CA-52]
Introduced
Summary
One-time 14.25% wealth tax on net worth above $10 million. This bill would impose a single levy equal to 14.25 percent on the portion of a taxpayer's net worth that exceeds $10,000,000, measured on the date of enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
One-time wealth tax on wealthy households
If enacted, the bill would impose a one-time 14.25% tax on net worth above $10,000,000 measured on the date of enactment. Net worth would equal the fair market value of all assets on that date minus bona fide liabilities. For individuals, your principal home (IRC section 121) and related acquisition debt (IRC section 163(h)(3)(B)) would be excluded from net worth. The tax would apply to U.S. citizens and residents and to certain nongrantor portions of domestic and foreign trusts allocable to U.S. beneficiaries, and the Treasury would issue rules for valuation and administration.
Sponsors & CoSponsors
Sponsor
Vargas, Juan [D-CA-52]
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov