The Ultra-Millionaire Tax Act of 2026 aims to implement a new tax on the net value of assets held by wealthy individuals to combat wealth inequality and ensure that the ultra-rich contribute a fair share to government revenues. This revenue can then be allocated to public services and programs. The Act imposes a wealth tax on individuals with net assets exceeding $50 million, structured in tiers: there is no tax on the first $50 million, a 2 percent tax on the value between $50 million and billion, and a 3 percent tax on assets above billion.