# 119-s-4246: Ultra-Millionaire Tax Act of 2026

119-s-4246, Ultra-Millionaire Tax Act of 2026, is a 119th Congress bill sponsored by Sen. Warren, Elizabeth [D-MA] (D-MA); status introduced; PRIA reads it as touching household money (as of 2026-08-26).

- Canonical: https://policyrisk.com/legislation/119-s-4246
- As of: 2026-08-26
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4246
- Congress: 119
- Title: Ultra-Millionaire Tax Act of 2026
- Status: introduced
- Introduced: 2026-03-26
- Sponsor: Sen. Warren, Elizabeth [D-MA] (D-MA)
- Cosponsors: 10
- Policy area: unknown
- Touches household money: yes
- Last recorded action: 2026-08-26

## Summary

**This bill would create an annual "ultra‑millionaire" wealth tax** on individuals' net assets and pair that tax with major new IRS reporting and enforcement funding. It targets very large fortunes, adds rules for trusts, and builds reporting to collect the tax.

## Cosponsors (10)

- Sen. Whitehouse, Sheldon [D-RI] (D-RI), 2026-03-26T00:00:00.000Z
- Sen. Schatz, Brian [D-HI] (D-HI), 2026-03-26T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2026-03-26T00:00:00.000Z
- Sen. Welch, Peter [D-VT] (D-VT), 2026-03-26T00:00:00.000Z
- Sen. Duckworth, Tammy [D-IL] (D-IL), 2026-03-26T00:00:00.000Z
- Sen. Hirono, Mazie K. [D-HI] (D-HI), 2026-03-26T00:00:00.000Z
- Sen. Markey, Edward J. [D-MA] (D-MA), 2026-03-26T00:00:00.000Z
- Sen. Merkley, Jeff [D-OR] (D-OR), 2026-03-26T00:00:00.000Z
- Sen. Schiff, Adam B. [D-CA] (D-CA), 2026-03-26T00:00:00.000Z
- Sen. Smith, Tina [D-MN] (D-MN), 2026-03-26T00:00:00.000Z

## Provisions PRIA read

- Stronger audits, reporting, and penalties: cost, high. If enacted, the bill would require the IRS to audit at least 30% of taxpayers who must pay the wealth tax each year. The Treasury must issue reporting rules within 12 months and can make banks and firms report ownership, control, and estimated values, using chapter 4 (FATCA) data. The bill would ra…
- New annual ultra‑millionaire wealth tax: mixed, high. If enacted, the bill would impose a new annual wealth tax on your worldwide net assets measured at year end. You would pay 0% on the first $50 million, 2% on amounts over $50 million up to $1 billion, and 3% on amounts over $1 billion (rising to 6% in years when a specified national health law is i…
- Big IRS funding for enforcement: mixed, high. If enacted, the bill would authorize about $100 billion for the IRS over FY2027–FY2037 to run the wealth tax. That includes $70 billion for enforcement, $10 billion for taxpayer services, and $20 billion for business system modernization. These authorizations would let the Treasury seek funds to st…
- Special rules for death and expatriation: mixed, medium. If enacted, the bill would treat covered expatriates as ending their tax year the day before expatriation and would tax that final period at a 40% rate. For people who die during the year and are unmarried at death, the bill would compute the wealth tax as of the date of death and reduce the tax by…

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-2823: FAMILY Act
- 119-s-51: Washington, D.C. Admission Act
- 119-s-5108: Right to IVF Act of 2026
- 119-s-1503: Equality Act
- 119-s-2845: Billionaires Income Tax Act

## Sources
- [119-s-4246 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4246)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [119-s-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-s-51)
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [119-s-1503: Equality Act](https://policyrisk.com/legislation/119-s-1503)
- [119-s-2845: Billionaires Income Tax Act](https://policyrisk.com/legislation/119-s-2845)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4246 (as of 2026-08-26).