Ultra-Millionaire Tax Act of 2026

On March 25, 2026, Representative Jayapal (D-WA) introduced the Ultra-Millionaire Tax Act of 2026 (HR8085) to the 119th Congress. The bill was referred to the House Committee on Ways and Means. It has 45 cosponsors, all Democrats. A companion bill, S4246, is identical and was referred to Senate Finance. The bill is at an early stage — no committee hearings, markups, or votes have occurred. Passage in this session is unlikely given Republican control of the House (though narrow) and the necessity of 60 Senate votes. The bill imposes a 0% bracket on the first $50 million of net assets, 2% on assets from $50 million to $1 billion, and 3% on assets above $1 billion. There is no explicit funding amount — it is a tax increase, not a spending authorization. The money trail flows to the US Treasury via IRS enforcement. Affected sectors are Finance (wealth managers, asset managers) and Consumer (luxury goods). No presidential action directly amplifies this bill; the April 20 executive order on energy infrastructure does not conflict or align with it. Real market data shows BLK at $1049.76 (52-wk high $1219.94, 30-day +12.41% but 7-day -1.2%), MS at $190.36 (52-wk high $194.59, 30-day +20.18% but 7-day -0.36%), and GS at $926.55 (52-wk high $984.70, 30-day +15.4% but 7-day -0.89%). All three show positive 30-day rallies but negative 7-day moves, consistent with the bill's introduction weighing on sentiment.