U.S. Representative Pramila Jayapal (D-Wash.), Senator Elizabeth Warren (D-Mass.), and Representative Brendan F. Boyle (D-Pa.), led over 45 lawmakers in reintroducing the Ultra-Millionaire Tax Act, legislation that would apply a wealth tax to fortunes above $50 million.
Pass the Ultra-Millionaire Tax Act to apply an annual wealth tax to households and trusts worth more than $50 million, with an additional surtax on wealth above $1 billion.
Occurrences
Evidence
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Record updated May 13, 2026 lists H.R. 8085 as introduced, latest action March 25, 2026, with actions only introduction and referral to Ways and Means; no House votes are listed.
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GovInfo lists H.R. 8085 as the Ultra-Millionaire Tax Act of 2026, sponsored by Pramila Jayapal, introduced March 25, 2026, and referred to House Ways and Means.
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The introduced text imposes an annual wealth tax with a $50 million zero bracket threshold, a $1 billion top bracket threshold, 2% between those levels, and an applicable percentage above $1 billion; certain nongrantor multibeneficiary trusts are treated as individuals.
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Jayapal's office said Jayapal, Warren, and Boyle led more than 45 lawmakers in reintroducing the Act; it would tax households and trusts above $50 million and add a surtax above $1 billion.
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GovInfo lists S. 4246 as the Senate Ultra-Millionaire Tax Act of 2026, introduced by Elizabeth Warren on March 26, 2026, read twice, and referred to the Senate Finance Committee.
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GovInfo’s bill record lists H.R. 8085 as introduced in the House on March 25, 2026 and referred to the Committee on Ways and Means; the last action date shown is March 25, 2026.
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GovInfo lists H.R. 8085 as the Ultra-Millionaire Tax Act of 2026, sponsored by Pramila Jayapal, with a last action date of March 25, 2026: introduction and referral to the House Committee on Ways and Means. The bill version remains Introduced in House.
legacy_unverified · Source version not recorded · locator unknown
GovInfo lists S. 4246 as the Senate Ultra-Millionaire Tax Act of 2026, introduced by Elizabeth Warren on March 26, 2026, read twice, and referred to the Senate Committee on Finance. The Senate companion remains Introduced in Senate.
Assessments
The promised outcome was passage of the Ultra-Millionaire Tax Act. Current official and legislative-status evidence shows Jayapal sponsored H.R. 8085 in the 119th Congress and the Senate companion S. 4246 was introduced, but both remained at introduction/referral to committee with no House passage, Senate passage, or enactment. That is a serious same-term legislative effort matching the promised policy, but it has not delivered the promised law.
Jayapal materially advanced the Ultra-Millionaire Tax Act by sponsoring and reintroducing it, and the bill matched the promised wealth-tax substance, but the record only shows introduction and committee referral with no passage or enactment. That is a serious legislative attempt that did not deliver the promised outcome.
Jayapal materially pursued the promise by sponsoring H.R. 8085, the Ultra-Millionaire Tax Act of 2026, and publicly leading its reintroduction with Warren and Boyle. The bill matches the promised wealth-tax structure for households and trusts above $50 million with an added surtax above $1 billion. But as of the cited 2026 records, it had only been introduced and referred to committee, with no House passage, Senate passage, or enactment. That is a serious same-term legislative effort, not fulfillment of the promise to pass the Act.