People with more than $50 million in net wealth would owe a new yearly federal tax. The bill also gives the Internal Revenue Service new audit duties, reporting tools, and funding to police the tax.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
Ultra-Millionaire Tax Act of 2026 is a House bill in committee. The latest recorded action: Referred to the House Committee on Ways and Means.
Latest action on H.R. 8085: Referred to the House Committee on Ways and Means.
Who this affects: This bill mainly affects people and married couples with more than $50 million in net assets. It matters most for those with private businesses, trusts, large gifts, foreign accounts, or property that is hard to price. It also affects the Internal Revenue Service, financial firms, business entities, and some trustees because they may have new reporting or enforcement duties.
Why this matters: This bill matters because it would tax very large fortunes each year, not just yearly income. It could bring in money from people with major wealth that may not be taxed until assets are sold. It could also change how wealthy people use trusts, gifts, foreign accounts, and private businesses. The actual effects on revenue, investment, and behavior are not stated in the bill and would depend on how people and the government respond.
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
