The bill would establish a 2% annual tax on the net worth of households and trusts valued at over $50 million and an additional 1% annual surtax (3% total annual tax) on the net worth of households and trusts above $1 billion.
Support a 2% annual tax on household and trust net worth above $50 million, plus a 1% surtax above $1 billion.
Occurrences
Evidence
unverified · Source version 82636 · locator unknown
H.R. 8085, introduced in the House on March 25, 2026, is titled the Ultra-Millionaire Tax Act of 2026. The bill was introduced by Rep. Jayapal with Brendan F. Boyle of Pennsylvania among the cosponsors, and was referred to the Committee on Ways and Means. The bill text covers a tax on the net value of assets and was introduced as a pending bill, not enacted legislation.
unverified · Source version 24518 · locator unknown
Boyle’s office announced that he, Jayapal, and Warren led over 45 lawmakers in reintroducing the Ultra-Millionaire Tax Act. The release says the legislation would apply a wealth tax to fortunes above $50 million and generate $6.2 trillion over the next decade, indicating continued public advocacy for the policy in the current Congress.
unverified · Source version 1226 · locator unknown
The bill text for the Ultra-Millionaire Tax Act of 2026 states, 'This Act may be cited as the “Ultra-Millionaire Tax Act of 2026.”' The title and accompanying materials align with the policy pledge of a progressive annual wealth tax on very large fortunes.
unverified · Source version 82636 · locator unknown
Last Action Date Listed March 25, 2026 Action Ms. Jayapal (for herself, Mr. Boyle of Pennsylvania
verified · Source version 82638 · locator 406
Ms. Jayapal (for herself, Mr. Boyle of Pennsylvania, Ms. Ansari, Mr. Beyer, Ms. Chu, Mr. Davis of Illinois, Ms. Dean of Pennsylvania
verified · Source version 82638 · locator 2441
``(B) 2 percent of so much of the net value of all taxable assets of the taxpayer in excess of the zero bracket threshold but not in excess of the top bracket threshold, plus
unverified · Source version 82640 · locator unknown
Last Action Date Listed March 26, 2026 Action Ms. Warren (for herself, Ms. Duckworth, Ms. Hirono
Assessments
The promise was to support a specific federal wealth tax structure: 2% annually on household and trust net worth above $50 million, plus an additional 1% surtax above $1 billion. The evidence shows Boyle actively pursued that commitment in the current Congress by helping lead and cosponsoring the Ultra-Millionaire Tax Act of 2026, which matches the pledged policy. However, the available record shows only introduction and committee referral, with no passage or enactment. Under the rubric, a serious legislative attempt that did not achieve the promised policy outcome is scored as never, with effort credited.