Donald J. Trump Wealth Tax Act of 2026
Sponsored By: Representative Vargas, Juan [D-CA-52]
Introduced
Summary
A one-time 14.25% wealth tax on net worth over $10 million would apply to very wealthy individuals and certain trusts, aiming to raise large sums and shrink federal debt according to the bill.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
One-time wealth tax on wealthy
If enacted, you would owe a one-time tax equal to 14.25% on the amount your net worth exceeds $10,000,000. Net worth would be measured on the date of enactment as the fair market value of all assets minus bona fide liabilities. For individuals, the bill would exclude your principal home (per IRC section 121) and any acquisition indebtedness secured by that home. The tax would apply to U.S. citizens and residents and to nongrantor portions of domestic trusts and certain foreign trusts allocable to U.S. beneficiaries. The Treasury Secretary would be required to issue rules to allocate trust portions and implement the tax.
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