Contact Congress about S. 4246: Ultra-Millionaire Tax Act of 2026

People with fortunes over $50 million would pay a new yearly federal tax on their net wealth. The bill also gives the Internal Revenue Service more reporting rules, audit duties, penalties, and funding to enforce it.

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 Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.

Latest action on S. 4246: Read twice and referred to the Committee on Finance.

Who this affects: This bill mainly affects people with more than $50 million in net wealth and some trusts tied to very wealthy people. It also affects financial firms, business entities, and the Internal Revenue Service because they may have to report, value, review, or enforce the new tax. Most taxpayers would not owe the tax because the bill starts above the $50 million wealth level.

Why this matters: This bill matters because it would tax very large fortunes each year, even when the owner does not sell assets or receive cash income from them. That would be a major change from taxing mostly income, sales, estates, and specific transactions. The bill could raise federal revenue, but the amount would depend on asset values, taxpayer behavior, enforcement, and court fights. It could also create hard choices for people whose wealth is tied up in private businesses, real estate, artwork, or other assets that are hard to price or sell.

Key provisions in S. 4246

• People would pay a 2% yearly tax on net taxable wealth above $50 million and up to $1 billion. Wealth above $1 billion would be taxed at 3%, and married couples would count as one taxpayer.
• The top tax rate would rise from 3% to 6% in some years. That happens only when federal law creates universal health insurance for all U.S. residents and bars duplicate private coverage.
• The tax would count almost all property worldwide, minus debts. It would leave out some everyday personal items worth $50,000 or less if they are not used for business or investment.
• Gifts to family members under age 18 would usually still count as the giver’s property. This applies to gifts made after the bill becomes law and lasts until the child turns 18.
• Many assets held in trusts would still count toward the wealth tax for grantors or beneficiaries. Nongrantor trusts with multiple beneficiaries would get separate treatment and shared threshold amounts.

How Modern Action helps you take action on S. 4246

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.

Questions people ask about S. 4246

What is S. 4246?

People with fortunes over $50 million would pay a new yearly federal tax on their net wealth. The bill also gives the Internal Revenue Service more reporting rules, audit duties, penalties, and funding to enforce it.

How do I support or oppose S. 4246?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 4246?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 4246 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.