Democratic Representative Pramila Jayapal took to X to introduce her new tax plan for the uber wealthy. Jayapal posted:
“That’s why I introduced my Ultra-Millionaire Tax Act alongside @SenWarren
— so the rich pay their fair share, and we can actually invest in all Americans.”
The Ultra-Millionaire Tax Act is a proposed U.S. federal wealth tax legislation aimed at addressing extreme wealth concentration in the country. Reintroduced in March 2026 by Rep. Jayapal, Sen. Elizabeth Warren, and Rep. Brendan Boyle, the bill seeks to impose an annual tax on the net worth of the wealthiest American households.
The latest version targets households and trusts with wealth exceeding $50 million, applying a 2% annual tax, with an additional surtax raising the rate to 3% on fortunes above $1 billion.
According to the bill, the proposal could generate approximately $6.2 trillion over ten years, significantly more than earlier versions of the bill. These revenues are intended to fund major public investments, including universal childcare, expanded Medicare coverage, free community college, affordable housing, and clean energy initiatives, without increasing taxes on the vast majority of American households.
READ: Pramila Jayapal calls Trump ‘unfit to serve’, sparks fierce backlash on X (April 8, 2026)
The central goal of the Ultra-Millionaire Tax Act is to reduce wealth inequality in the United States. Supporters argue that wealth has become increasingly concentrated among the top 0.1% of households, while wages for working and middle-class families have stagnated. The bill’s sponsors claim that the current tax system allows ultra-wealthy individuals to accumulate vast fortunes while paying relatively lower effective tax rates compared to ordinary workers.
The legislation also includes enforcement provisions aimed at reducing tax avoidance. These include stricter rules for valuing assets, closing loopholes in trusts, increased funding for the Internal Revenue Service (IRS), and penalties designed to discourage wealthy individuals from renouncing citizenship to avoid taxation.
Who is Rep. Pramila Jayapal?
Pramila Jayapal is a Democratic member of the U.S. House of Representatives from Washington’s 7th Congressional District. She is known as a leading progressive voice in Congress and has served in the House since 2017. Jayapal has been a consistent advocate for economic justice, immigration reform, healthcare expansion, and labor rights.
READ: ‘What a waste of money’: Pramila Jayapal mocked for sharing immigration story (March 12, 2026)
As a key sponsor of the Ultra-Millionaire Tax Act, Jayapal’s role is primarily in the House of Representatives, where she helps introduce, promote, and build coalition support for the bill. She frames the legislation as a tool to “level the playing field” and ensure that the wealthiest Americans contribute a fair share toward public services. Her policy focus emphasizes reducing racial and economic inequality and expanding access to essential services for working families.
In its 2026 reintroduction, the bill has gained support from more than 45 lawmakers and multiple advocacy organizations. It represents one of the most prominent modern proposals for a federal wealth tax in the United States. While it faces significant political and constitutional challenges, supporters view it as a transformative approach to reducing inequality and financing long-term public investment.