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Ultra-Millionaire Tax: New Rules for Wealth Over $50 Million

This bill introduces an annual tax on the net wealth of individuals. The changes apply to assets worth over $50 million.
Key points
A 2% annual tax on net wealth between $50 million and $1 billion.
A 3% tax on wealth over $1 billion, rising to 6% if legislation establishing comprehensive universal healthcare is in effect.
Mandatory annual audits for at least 30% of taxpayers subject to this wealth tax.
An authorization of $100 billion for tax enforcement, taxpayer services, and business system modernization.
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Status:
Introduced
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Additional Information
Ultra-Millionaire Tax Act of 2026
Print number: HR 8085
Sponsor: Rep. Jayapal, Pramila [D-WA-7]
Process start date: 2026-03-25
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-3.1-pro-preview
Source data: api.congress.gov
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Summary & Status

Key Questions about Ultra-Millionaire Tax: New Rules for Wealth Over $50 Million

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 8085.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2026-03-25.

What are the main provisions?

Key points include:

  • A 2% annual tax on net wealth between $50 million and $1 billion.
  • A 3% tax on wealth over $1 billion, rising to 6% if legislation establishing comprehensive universal healthcare is in effect.
  • Mandatory annual audits for at least 30% of taxpayers subject to this wealth tax.
  • An authorization of $100 billion for tax enforcement, taxpayer services, and business system modernization.

What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Jayapal, Pramila [D-WA-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-03-27.

Analysis and Potential Impact of HR 8085

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Economy Health