,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #hcaf  ,,in ,,the ,,house ,,of  
,,representatives  ,april #ae1 #bjbf,mr4
 ,vargas introduced the following bill2 
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to impose 
a one-time tax on the amount in excess  
of #aj1jjj1jjj of the net worth of      
certain individuals and trusts4  #a4    
,short title  ,this ,act may be cited as
 the ,donald ,j4 ,trump ,wealth ,tax    
,act of #bjbf4  #b4 ,findings ,congress 
finds the following3 7#a7 ,in #aiii1    
then presidential candidate ,donald ,j4 
,trump said the following on ,good      
,morning ,america regarding his wealth  
tax plan3 ,if ,i were president1 it     
would be passed4 ,i think if somebody   
else is president1 it probably can't be 
4 4 4 ,this is a tax paid by #a percent1
 but the #a percent will be very big    
beneficiaries with what's going to      
happen and the positive forces that     
would take place in the economy44  7#b7 
,in an interview with ,sean ,hannity on 

,fox ,news in #bjae1 then presidential  
candidate ,trump described his #aiii    
wealth tax plan as a very conservative  
thing to do44  7#c7 ,the proposed tax   
plan1 according to then presidential    
candidate ,trump1 was expected to raise 
#e4g trillion and pay off the national  
debt in its entirety at the time4  7#d7 
,many prominent analysts and            
conservatives have argued that reducing 
the national debt is crucial for our    
economic health and prosperity3 7,a7    
,according to the ,cato ,institute1 the 
,u4,s4 is running #b trillion deficits  
7more than #f percent of ,,gdp7 with    
nearly #cj trillion in debt held by the 
public4  7,b7 ,as ,senate ,majority     
,leader ,john ,thune stated in an       
interview given in ,january of #bjbe1 ,i
 would like to see us as a nation do    
things that affect the long-term        
stability1 future of our kids and our   
grandkids 4 4 4 ,we're in a fiscal mess1
 #cf trillion in debt44  7,c7 ,as ,elon 
,musk stated in ,september of #bjbd in a

 podcast appearance1 ,we're adding a    
trillion dollars to our debt1 which our 
kids and grandkids are going to have to 
pay somehow 4 4 44  7,d7 ,according to  
the ,,gop ,platform in #bjaf1 ,our      
national debt is a burden on our economy
 and families4 ,the huge increase in the
 national debt demanded by and incurred 
during the current ,administration has  
placed a significant burden on future   
generations4 ,we must impose firm caps  
on future debt1 accelerate the repayment
 of the trillions we now owe in order to
 reaffirm our principles of responsible 
and limited government1 and remove the  
burdens we are placing on future        
generations4 ,a strong economy is one   
key to debt reduction1 but spending     
restraint is a necessary component that 
must be vigorously pursued44  7#e7      
,since the beginning of the ,global ,war
 on ,terror1 the overseas operations in 
,iraq and ,afghanistan1 as well as other
 ,war on ,terror-related activities1    
have added more than #b trillion to the 

national debt 7according to figures by  
the ,congressional ,research ,service   
and the ,congressional ,budget ,office74
  7#f7 ,the ,one ,big ,beautiful ,bill  
is projected to add more than #c        
trillion to our national debt 7according
 to the ,congressional ,budget ,office74
  7#g7 ,if the ,donald ,j4 ,trump       
,wealth ,tax raises the #e4g trillion   
that ,president ,trump expected it would
 in #aiii1 it would reduce the          
debt-to-,,gdp ratio from an estimated   
#aja percent to #hc percent 7according  
to the ,congressional ,research         
,service74  #c4 ,donald ,j4 ,trump      
,wealth ,tax  7a7 ,tax imposed ,in the  
case of any applicable taxpayer1 there  
is hereby imposed a tax equal to #ad4be 
percent on the excess 7if any7 of-- 7#a7
 the net worth of such taxpayer         
7determined as of the date of the       
enactment of this ,act71 over  7#b7     
#aj1jjj1jjj4  7b7 ,applicable taxpayer  
,for purposes of this section--  7#a7   
,in general ,the term applicable        

taxpayer means-- 7,a7 an individual who 
is a citizen or resident of the ,united 
,states1  7,b7 the nongrantor portions  
of any domestic trust1 or  7,c7 the     
nongrantor portions of any foreign trust
 which are properly allocable to one or 
more beneficiaries who are citizens or  
residents of the ,united ,states4  7#b7 
,nongrantor portions ,the term          
nongrantor portions means the portions  
of any trust not treated as owned by any
 individual under subpart ,e of part ,i 
of subchapter ,j of chapter #a of the   
,internal ,revenue ,code of #aihf4  7c7 
,net worth ,for purposes of this        
section--  7#a7 ,in general ,the term   
net worth means the fair market value of
 all assets as of the date of the       
enactment of this ,act1 minus the value 
of-- 7,a7 any bona fide liabilities1 and
  7,b7 in the case of an individual--   
7i7 the principal residence of such     
individual 7within the meaning of       
section #aba of the ,internal ,revenue  
,code of #aihf71 and  7ii7 any          

acquisition indebtedness 7as defined in 
section #afc7;h77#c77;,b7 of such ,code7
 with respect to such residence4  7#b7  
,special rule for grantor portions ,the 
portions of any trust treated as owned  
by any individual under subpart ,e of   
part ,i of subchapter ,j of chapter #a  
of the ,internal ,revenue ,code of #aihf
 shall be taken into account in         
determining the net worth of such       
individual4  7d7 ,regulations ,the      
,secretary of the ,treasury shall       
prescribe such regulations or other     
guidance as may be necessary or         
appropriate to carry out the purposes of
 this section1 including to provide for 
proper allocations under subsection     
7b77#a77;,c74  7e7 ,application of      
certain rules ,for purposes of subtitle 
,f of the ,internal ,revenue ,code of   
#aihf 7relating to procedure and        
administration71 the tax imposed under  
this section shall be treated as a tax  
imposed under subtitle ,d of such ,code4