This bill, the "Donald J. Trump Wealth Tax Act of 2026," would impose a one-time tax of 14.25% on the portion of a taxpayer's net worth that exceeds $10,000,000. "Applicable taxpayers" include U.S. citizens and residents, the nongrantor parts of domestic trusts, and nongrantor parts of foreign trusts allocated to U.S. beneficiaries. "Net worth" means the fair market value of all assets on the date the law would take effect, minus bona fide liabilities. For individuals, the bill excludes the value of the person's principal residence and related acquisition indebtedness when calculating net worth. The Secretary of the Treasury would write regulations needed to carry out the tax. The bill also includes findings that reference past statements by Donald J. Trump about a similar wealth tax and a 1999 estimate that such a tax could raise $5.7 trillion.
No publicly available information on official cost, revenue, or budgetary estimates is provided in the bill text. The bill’s findings note a prior statement that a similar plan was expected to raise $5.7 trillion, but the bill itself does not include formal cost estimates or scoring.
According to the bill’s findings, proponents argue the tax would raise large sums of revenue and could help reduce the national debt. The findings cite past public statements by Donald J. Trump about a similar plan and mention concerns about long-term debt levels expressed by various analysts and public figures.
No publicly available information on opponents' views or objections is included in the bill text.