Bills · HR 8085
IN COMMITTEE· 119TH CONGRESS
House BillHR 8085Taxation
Ultra-Millionaire Tax Act of 2026
This bill creates an annual tax on the total net worth of ultra-wealthy households to generate revenue and address economic gaps between the richest Americans and the rest of the country.AI-written
INTRO MAR 25· LAST ACTION MAR 25
PASSAGE CHANCESLONG SHOT
5%
READING
18MIN
COSPONSORS
49
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
tl;dr
AI-writtenRequires Americans with more than $50 million in assets to pay a 2% annual tax on their wealth, rising to 3% for billionaires, to fund public services and combat wealth inequality.
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenCurrently, the U.S. tax system primarily focuses on income rather than total wealth. Many of the world's richest people have low annual incomes but trillions in assets that grow in value without being taxed unless they are sold. This bill attempts to bridge that gap by taxing the 'hoard' of wealth itself, which supporters say could raise trillions of dollars for public services and reduce economic inequality.
KEY PROVISIONS
4AI-extractedPROVISION 01
Imposes a 2% annual tax on net assets between $50 million and $1 billion.
This establishes the first tier of the wealth tax for multi-millionaires.
PROVISION 02
Imposes a 3% annual tax on net assets exceeding $1 billion.
This targets the extreme wealth of billionaires with a higher tax rate.
PROVISION 03
Doubles the billionaire tax rate to 6% if a universal health insurance program is enacted.
It creates a direct funding link between taxing the ultra-wealthy and providing national healthcare.
PROVISION 04
Includes all global assets, real or personal, tangible or intangible.
This prevents wealthy individuals from avoiding the tax by moving their money into foreign accounts or non-cash assets like jewelry and art.
SPONSORSHIP
1 + 49
D· Washington
YRS IN OFFICE
9
BILLS LED
51
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 49 REP 0 IND 0
ACTION TIMELINE
2 EVENTSMAR 25
Introduced in House
MAR 25
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 8085
Congress119th
StatusIn Committee
IntroducedMar 25, 2026
Last actionMar 25, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED MAR 25, 2026
House BillHR 8085Taxation
Ultra-Millionaire Tax Act of 2026
This bill creates an annual tax on the total net worth of ultra-wealthy households to generate revenue and address economic gaps between the richest Americans and the rest of the country.AI-written
INTRODUCED MAR 25, 2026· LAST ACTION MAR 25, 2026
PASSAGE CHANCES
5%
READING
18 min
COSPONSORS
49
COMPLEXITY
Moderate
