On Tax Day, Rep. Juan Vargas Reintroduces the Donald J. Trump Wealth Tax Act

WASHINGTON - Today, U.S. Representative Juan Vargas (D-CA-52) reintroduced the Donald J. Trump Wealth Tax Act, a tax plan proposed by Donald Trump to impose a net worth tax of 14.25 percent on all individuals and trusts with a net worth of $10,000,000 or more in an effort to significantly reduce the national debt.

In 1999, then-presidential hopeful Donald J. Trump announced a wealth tax plan to eliminate the national debt in its entirety. His plan would impose a net worth tax of 14.25 percent on all individuals and trusts with a net worth of $10,000,000 or more.

"President Trump was serious when he proposed this wealth tax," said Rep. Juan Vargas. "I am reintroducing the Donald J. Trump Wealth Tax Actto allow the President to follow through on his original idea of taxing the one percent. If he's committed to reducing our national debt and staying true to his proposal, then I'm committed to working with him to ensure his wealth tax becomes law."

At the time, during an appearance on Good Morning America, Trump said, "If I were president, it would be passed. I think if somebody else is president, it probably can't be… This is a tax paid by one percent, but the one percent will be very big beneficiaries with what's going to happen and the positive forces that would take place in the economy."

If the Donald J. Trump Wealth Tax Act raises the $5.7 trillion that President Trump expected it would in 1999, it would reduce the debt to GDP ratio from 101 percent to 83 percent.

Read the Donald J. Trump Wealth Tax Act of 2026 HERE.

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