H.R. 8316

[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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