HR 8316
Donald J. Trump Wealth Tax Act of 2026
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Bill overview
This bill, the Donald J. Trump Wealth Tax Act of 2026, proposes a one-time tax on the net worth of individuals and trusts exceeding $10 million. The tax would be 14.25% of the amount above that threshold. The bill’s proponents argue that this tax would help reduce the national debt, citing concerns about long-term fiscal stability and the burden on future generations. It draws on past statements by Donald Trump regarding a similar wealth tax plan.
Key provisions
- Imposes a 14.25% tax on net worth exceeding $10 million for individuals, nongrantor trust portions, and properly allocable foreign trust portions to US citizens or residents.
- Defines ‘net worth’ as fair market value of assets minus bona fide liabilities, principal residence, and acquisition indebtedness related to the residence.
- Specifies that nongrantor trust portions are considered when calculating an individual’s net worth.
- The Secretary of the Treasury is authorized to issue regulations to clarify the tax’s application.
- Treats this tax as a tax under subtitle D of the Internal Revenue Code for administrative purposes.
- References past statements by Donald Trump regarding a wealth tax plan.
- Cites concerns about the national debt and the need for responsible fiscal policy.
Who is affected
- High-net-worth individuals
- Trusts (particularly nongrantor portions)
- US citizens and residents
- Financial institutions managing assets for affected individuals and trusts
Sponsors
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Primary sponsor
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119th CONGRESS — 2d Session
H. R. 8316
IN THE HOUSE OF REPRESENTATIVES
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.
This Act may be cited as the Donald J. Trump Wealth Tax Act of 2026
.
Congress finds the following:
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..
a very conservative thing to do..
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..
We're adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow . . ..
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..
One Big Beautiful Billis projected to add more than $3 trillion to our national debt (according to the Congressional Budget Office).
the net worth of such taxpayer (determined as of the date of the enactment of this Act), over
$10,000,000.
The term applicable taxpayer means—
an individual who is a citizen or resident of the United States,
the nongrantor portions of any domestic trust, or
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.
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—
any bona fide liabilities, and
in the case of an individual—
the principal residence of such individual (within the meaning of section 121 of the Internal Revenue Code of 1986), and
any acquisition indebtedness (as defined in section 163(h)(3)(B) of such Code) with respect to such residence.
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.
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).
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.