Ultra-Millionaire Tax Act of 2026

This bill establishes a new annual wealth tax on individuals with net assets exceeding $50 million, requiring them to pay a percentage of their total asset value each year. The tax applies a 2 percent rate to assets between $50 million and $1 billion, with a higher rate of 3 percent or 6 percent on assets above $1 billion depending on whether a universal health insurance program is enacted. Married couples are taxed as a single unit, and certain assets like primary residences and small personal items are excluded from the calculation. The legislation also mandates enhanced reporting requirements for asset values, requires the IRS to audit at least 30 percent of taxpayers subject to this tax annually, and authorizes $100 billion in funding over ten years to support enforcement and administration of the new tax system.