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
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.
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.
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.
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.