[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8316 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 8316
To impose a one-time tax on the amount in excess of $10,000,000 of the
net worth of certain individuals and trusts.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 15, 2026
Mr. Vargas introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To impose a one-time tax on the amount in excess of $10,000,000 of the
net worth of certain individuals and trusts.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Donald J. Trump Wealth Tax Act of
2026''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) In 1999, then presidential candidate Donald J. Trump
said the following on Good Morning America regarding his wealth
tax plan: ``If I were president, it would be passed. I think if
somebody else is president, it probably can't be . . . This is
a tax paid by 1 percent, but the 1 percent will be very big
beneficiaries with what's going to happen and the positive
forces that would take place in the economy.''.
(2) In an interview with Sean Hannity on Fox News in 2015,
then presidential candidate Trump described his 1999 wealth tax
plan as ``a very conservative thing to do.''.
(3) The proposed tax plan, according to then presidential
candidate Trump, was expected to raise $5.7 trillion and pay
off the national debt in its entirety at the time.
(4) Many prominent analysts and conservatives have argued
that reducing the national debt is crucial for our economic
health and prosperity:
(A) According to the Cato Institute, the U.S. is
running $2 trillion deficits (more than 6 percent of
GDP) with nearly $30 trillion in debt held by the
public.
(B) As Senate Majority Leader John Thune stated in
an interview given in January of 2025, ``I would like
to see us as a nation do things that affect the long-
term stability, future of our kids and our grandkids .
. . We're in a fiscal mess, $36 trillion in debt.''.
(C) As Elon Musk stated in September of 2024 in a
podcast appearance, ``We're adding a trillion dollars
to our debt, which our kids and grandkids are going to
have to pay somehow . . .''.
(D) According to the GOP Platform in 2016, ``Our
national debt is a burden on our economy and families.
The huge increase in the national debt demanded by and
incurred during the current Administration has placed a
significant burden on future generations. We must
impose firm caps on future debt, accelerate the
repayment of the trillions we now owe in order to
reaffirm our principles of responsible and limited
government, and remove the burdens we are placing on
future generations. A strong economy is one key to debt
reduction, but spending restraint is a necessary
component that must be vigorously pursued.''.
(5) Since the beginning of the Global War on Terror, the
overseas operations in Iraq and Afghanistan, as well as other
War on Terror-related activities, have added more than $2
trillion to the national debt (according to figures by the
Congressional Research Service and the Congressional Budget
Office).
(6) The ``One Big Beautiful Bill'' is projected to add more
than $3 trillion to our national debt (according to the
Congressional Budget Office).
(7) If the Donald J. Trump Wealth Tax raises the $5.7
trillion that President Trump expected it would in 1999, it
would reduce the debt-to-GDP ratio from an estimated 101
percent to 83 percent (according to the Congressional Research
Service).
SEC. 3. DONALD J. TRUMP WEALTH TAX.
(a) Tax Imposed.--In the case of any applicable taxpayer, there is
hereby imposed a tax equal to 14.25 percent on the excess (if any) of--
(1) the net worth of such taxpayer (determined as of the
date of the enactment of this Act), over
(2) $10,000,000.
(b) Applicable Taxpayer.--For purposes of this section--
(1) In general.--The term ``applicable taxpayer'' means--
(A) an individual who is a citizen or resident of
the United States,
(B) the nongrantor portions of any domestic trust,
or
(C) the nongrantor portions of any foreign trust
which are properly allocable to one or more
beneficiaries who are citizens or residents of the
United States.
(2) Nongrantor portions.--The term ``nongrantor portions''
means the portions of any trust not treated as owned by any
individual under subpart E of part I of subchapter J of chapter
1 of the Internal Revenue Code of 1986.
(c) Net Worth.--For purposes of this section--
(1) In general.--The term ``net worth'' means the fair
market value of all assets as of the date of the enactment of
this Act, minus the value of--
(A) any bona fide liabilities, and
(B) in the case of an individual--
(i) the principal residence of such
individual (within the meaning of section 121
of the Internal Revenue Code of 1986), and
(ii) any acquisition indebtedness (as
defined in section 163(h)(3)(B) of such Code)
with respect to such residence.
(2) Special rule for grantor portions.--The portions of any
trust treated as owned by any individual under subpart E of
part I of subchapter J of chapter 1 of the Internal Revenue
Code of 1986 shall be taken into account in determining the net
worth of such individual.
(d) Regulations.--The Secretary of the Treasury shall prescribe
such regulations or other guidance as may be necessary or appropriate
to carry out the purposes of this section, including to provide for
proper allocations under subsection (b)(1)(C).
(e) Application of Certain Rules.--For purposes of subtitle F of
the Internal Revenue Code of 1986 (relating to procedure and
administration), the tax imposed under this section shall be treated as
a tax imposed under subtitle D of such Code.
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