A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.

Senate Bill

S. 3956

119th Congress

A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.

In Committee

Introduced:Mar 2, 2026

Primary Sponsor

Sponsor information unavailable

Cosponsors

0

Quick Stats

Summary

This bill would create a new annual tax based on the total net value of assets a person owns. The tax would be added to the Internal Revenue Code and would be calculated on a taxpayer's overall wealth rather than just their income.

Latest Action

Read twice and referred to the Committee on Finance.

Introduced3/2/2026

StatusRead twice and referred to the Committee on Finance.

ChamberSenate

Data from Congress.gov

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Vote Prediction

A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.

This bill would create a new annual tax based on the total net value of assets a person owns. The tax would be added to the Internal Revenue Code and would be calculated on a taxpayer's overall wealth rather than just their income.

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would create a new annual tax based on the total net value of assets a person owns. The tax would be added to the Internal Revenue Code and would be calculated on a taxpayer's overall wealth rather than just their income.

Bill Number: 3956
Introduced: 3/2/2026
Status: Read twice and referred to the Committee on Finance.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.
Bill Number: 3956
Sponsor: No sponsor
Status: Read twice and referred to the Committee on Finance.
Introduced: 3/2/2026
Summary: This bill would create a new annual tax based on the total net value of assets a person owns. The tax would be added to the Internal Revenue Code and would be calculated on a taxpayer's overall wealth rather than just their income.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would create a new annual tax based on the total net value of assets a person owns. The tax would be added to the Internal Revenue Code and would be calculated on a taxpayer's overall wealth rather than just their income.

Last updated: 3/4/2026

Key Points

Main provisions of the bill

The bill would establish a new annual tax on the net value of assets that taxpayers hold.
This would represent a wealth tax rather than a traditional income tax.
The tax would be added to the Internal Revenue Code, which is the federal tax law.
The bill has been referred to the Senate Finance Committee for consideration.

How This Impacts Americans

Potential effects on citizens and communities

This bill would affect taxpayers who hold assets above whatever threshold the bill establishes, requiring them to pay an annual tax based on their total wealth. The specific impact would depend on details not available in the bill text, such as what asset values trigger the tax, what tax rate applies, and which types of assets are included in the calculation.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3956, 119th Congress (2026). "A bill to amend the Internal Revenue Code of 1986 to impose an annual tax on the net value of assets held by a taxpayer, and for other purposes.". Source: Voter's Right Platform. https://votersright.org/bills/119-s-3956

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