Donald J. Trump Wealth Tax Act of 2026

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8316 Introduced in House (IH)] <DOC> 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.