S 4246

The Ultra-Millionaire Tax Act of 2026 proposes a new tax on the net value of assets held by individuals with substantial wealth. It establishes a tiered tax system, with a 0% rate on assets up to $50 million, a 2% rate on assets between $50 million and $1 billion, and a 3% rate on assets exceeding $1 billion. This 3% rate would increase to 6% if specific legislation is enacted to establish universal healthcare and prohibit duplicate private benefits. The bill also includes provisions for determining the value of assets, reporting requirements, and enforcement mechanisms, including adjustments for deceased individuals and non-resident taxpayers. It aims to generate revenue through a tax on the wealthiest Americans.