This bill, named the "Donald J. Trump Wealth Tax Act of 2026," aims to impose a 14.25% tax on individuals, trusts, and assets above $10,000,000, with the goal of generating $5.7 trillion to reduce the national debt. It cites concerns about the national debt and the impact of the Global War on Terror and the "One Big Beautiful Bill." The bill specifies the definition of applicable taxpayers and net worth. It also tasks the Secretary of the Treasury with creating regulations to enforce the tax. The tax would fall under the Internal Revenue Code and its rules.