Support the Ultra‑Millionaire Tax Act of 2026: Tax extreme wealth

As your constituent, I urge you to support the Ultra‑Millionaire Tax Act of 2026 (S.3574). This proposal targets extreme wealth concentration by taxing net worth above $50 million, with higher rates for billionaires—an appropriate response to a system where the richest households have seen their share of national wealth surge while often facing lower effective tax rates on accumulated assets. As a well‑designed wealth tax, this bill restores balance to the tax code so that those with the largest fortunes contribute their fair share. The Act would raise substantial, durable revenue that can be directed to widely supported public priorities: childcare, paid family leave, reduced health costs, tuition‑free community college, expanded Medicare provisions, affordable housing, and climate investments. Credible estimates show this tax could generate trillions over a decade, enabling transformative investments without increasing tax burdens on middle‑ and lower‑income families. Beyond revenue, the proposal improves fairness between wealth and income taxation. By capturing net worth and unrealized gains that current income taxes miss, it reduces incentives for tax avoidance strategies that allow substantial fortunes to grow largely untaxed. The bill also includes enforcement and anti‑avoidance measures—strong IRS resources, enhanced information reporting, valuation rules for hard‑to‑value assets, and an exit tax—to limit evasion and make projected revenues realistic. This policy also addresses intergenerational and racial inequality by taxing accumulated fortunes that perpetuate disparities and by funding programs that disproportionately benefit households with lower wealth. Finally, international and subnational experience suggests migration and avoidance risks can be managed with thoughtful design; empirical research indicates large‑scale capital flight is unlikely when enforcement and anti‑mobility provisions are in place. For constituents who value fairness, strong public services, and sustainable revenue, the Ultra‑Millionaire Tax Act is a practical, targeted tool. I respectfully ask you to vote in favor of the bill and support the enforcement resources needed to ensure it works as intended.