Donald J. Trump Wealth Tax Act of 2026

This bill, the Donald J. Trump Wealth Tax Act of 2026, proposes a one-time tax on the net worth of certain high-net-worth individuals and trusts. It levies a 14.25% tax on the portion of an applicable taxpayer's net worth that exceeds $10 million, as determined on the date of the bill's enactment. "Net worth" includes the fair market value of all assets minus bona fide liabilities, but excludes an individual's primary residence and associated mortgage debt. The bill's stated purpose, according to its findings, is to raise significant revenue to reduce the national debt.