A bill to amend the Internal Revenue Code of 1986 to provide a tax on the assets of trusts, and for other purposes.

Read twice and referred to the Committee on Finance.

2026-05-12

The proposal would create a new tax on the assets held in trusts, which are legal arrangements where someone manages money or property for another person's benefit. This would primarily affect wealthy individuals and families who use trusts to pass down assets to heirs, as they would owe taxes based on the value of trust holdings. The measure is currently under review by the Senate Finance Committee.