July 2026
Primary sources: Congress.gov, GovInfo, GovTrack, and current news coverage
This UPDATES page provides status on pending pieces of federal legislation referenced on usaequitabletax.org and identifies other recent bills and non-legislative proposals.
Bill numbers: S.2845 and H.R.5427, 119th Congress (2025–2026)
Sponsors: Sen. Ron Wyden (D-OR), with Reps. Steve Cohen (D-TN-9) and Don Beyer (D-VA-8) introducing the identical House companion — the first Congress in which the bill has been bicameral.
Introduced: September 17, 2025 — matches the site's stated date exactly.
What it does: Amends the Internal Revenue Code to close “buy, borrow, die” style deferral strategies by modifying over 30 tax provisions so ultra-wealthy taxpayers pay tax annually on gains. Applies to taxpayers with $100M+ in annual income or $1B+ in assets sustained for three consecutive years.
What's new: The bill has drawn 20+ Senate cosponsors, including Sens. Warren, Sanders, Whitehouse, Murray, Markey, Duckworth, Fetterman, and others. Projected revenue impact (over $500 billion, affecting fewer than 1,000 taxpayers) is now publicly documented by the Senate Finance Committee. No committee markup or floor vote has been reported as of this compile date.
Bill number: Ultra-Millionaire Tax Act of 2026, H.R.8085, 119th Congress (2025–2026)
Sponsors: Sen. Elizabeth Warren (D-MA), Rep. Pramila Jayapal (D-WA), Rep. Brendan Boyle (D-PA), with 45+ co-lawmakers
Introduced/reintroduced: Late March 2026
What it does: A 2% annual wealth tax on household/trust net worth above $50 million, plus an additional 1% on billionaire-level wealth. Includes a 40% “exit tax” on individuals worth $50M+ who renounce U.S. citizenship, aimed at deterring wealth flight.
What's new: This is a 2026 reintroduction of a proposal Warren first floated in 2021; the updated revenue estimate ($6.2 trillion over ten years) is more than double the original 2021 score.
Bill numbers: S.3956 and H.R.7767, 119th Congress (2025–2026)
Sponsors: Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA)
Introduced: March 2, 2026
What it does: Imposes a 5% annual wealth tax on the roughly 938 U.S. billionaires (collectively worth $8.2 trillion). Creates a wealth registry to track high-net-worth individuals' assets and mandates an audit rate of at least 50% of taxpayers subject to the tax.
What's new: Sanders' office projects $4.4 trillion in revenue over ten years, which the bill would use to fund a $3,000 direct payment in year one to every person in households earning $150,000 or less ($12,000 for a family of four). Forbes analysis (published shortly after introduction) argues the bill “faces steep odds” in the current Congress.
Bill title/number: Equal Tax Act, H.R.5336, 119th Congress (2025–2026)
Sponsor: Rep. Delia Ramirez (D-IL-3)
Introduced: September 11, 2025
What's new: The bill was referred to the House Ways and Means Committee and remains pending there — no hearing or markup has been scheduled as of this compile date. Under House rules, it stays “alive” only through the end of the 119th Congress (January 3, 2027); if it has not passed both chambers by then, it will need to be reintroduced.
Sponsor: Rep. Juan Vargas (D-CA-52)
Introduced: April 15, 2026 (Tax Day) — a reintroduction of an earlier version of the bill
What it does: A one-time 14.25% tax on the net worth of individuals and trusts above $10 million (primary residence and its acquisition debt excluded from the net-worth calculation). Projected to raise $5.7 trillion, directed at reducing the debt-to-GDP ratio.
Status: Referred to the House Ways and Means Committee; no cosponsors reported as of this compile date.
Limitation: This is a one-time levy rather than an annual tax.
Sponsors: Sens. Ron Wyden (D-OR), Sheldon Whitehouse (D-RI), Angus King (I-ME)
Introduced: April 16, 2026
What it does: Repeals IRC Section 1061 and replaces it with a new Section 1299, creating a deemed-compensation (phantom income) framework so carried-interest holders owe tax annually regardless of whether the partnership distributes income in a given year.
Status: Introduced; being tracked by tax practitioners as a potential template for future reform even though not yet enacted.
Flagged above as the closest current real-world match to the site's own carried-interest measure.
Status: Introduced earlier in the 119th Congress (2025), predating S.4330's deemed-compensation approach.
A second, earlier-vintage carried-interest bill worth a passing mention alongside S.4330 for completeness, since the two bills take different technical approaches to the same loophole.
Not a federal bill, and outside the scope of the site's current focus on Congress, but a notable parallel effort worth flagging: California voters are considering a state-level billionaire wealth tax initiative in 2026.