The Ultra-Millionaire Tax Act of 2026 aims to address wealth inequality by imposing a new tax on individuals with significant wealth, specifically those with net assets exceeding $50 million. This legislation introduces a tiered wealth tax structure, where individuals will pay no tax on the first $50 million of their assets, 2 percent on the value between $50 million and billion, and 3 percent on assets above billion. If certain healthcare legislation is in effect, the rate on assets above billion could rise to 6 percent.