I 
115TH CONGRESS 
1ST SESSION H. R. 2143 
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 THE HOUSE OF REPRESENTATIVES 
APRIL 25, 2017 
Mr. VARGAS introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Donald J. Trump 
Wealth Tax Act of 2017’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) In 1999, then Presidential candidate Don-
ald J. Trump said the following on Good Morning 
America regarding his wealth tax plan, ‘‘If I were 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
president, it would be passed. I think if somebody 
else is president, it probably can’t be. . . . This is 
a tax paid by 1 percent, but the 1 percent will be 
very big beneficiaries with what’s going to happen 
and the positive forces that would take place in the 
economy.’’. 
(2) In an interview with Sean Hannity on Fox 
News in 2015, then Presidential candidate Trump 
described his 1999 wealth tax plan as ‘‘a very con-
servative thing to do.’’. 
(3) The proposed tax plan, according to then 
Presidential candidate Trump, was expected to raise 
$5.7 trillion and pay off the national debt in its en-
tirety at the time. 
(4) Many prominent conservatives have argued 
reducing the national debt is crucial for our eco-
nomic health and prosperity, including the following: 
(A) According to a 2011 Heritage Founda-
tion Report, Saving the American Dream, ‘‘Our 
national debt now is nearly 70 percent of GDP 
and on track to hit 185 percent within 25 
years. Lower debt will remove the threat of fi-
nancial crisis and restore the confidence of in-
vestors and lenders. It will also sharply reduce 
the debt burden on future generations, relieve 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
the pressure on interest rates, and help to se-
cure our prosperity.’’. 
(B) Republican National Committee Chair-
man, now White House Chief of Staff, Reince 
Priebus in his 2014 Statement on the National 
Debt Increase stated, ‘‘Spending more money 
than we have is immoral; it hurts future gen-
erations who will be left to pay off the bills. 
Taking care of this generation shouldn’t require 
robbing the next. This is why Republicans have 
fought for fiscal responsibility in Congress.’’. 
(C) As the Cato Institute wrote in 2016, 
‘‘The debt matters. Not only is it remarkably 
unfair to our children and grandchildren, it is 
imposing costs today. Our economic growth is 
slower and our wages lower than they would be 
if it were smaller. Other political and economic 
priorities are being squeezed out. Interest on 
the debt was projected to reach $261 billion 
this year, and exceed $500 billion by 2020 even 
before factoring in the recent budget-busting 
deals.’’. 
(D) In August of 2016, President of the 
Committee for a Responsible Federal Budget, 
Maya MacGuineas, said, ‘‘The evidence is clear: 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
Reducing our projected long-term debt will pro-
mote economic growth; increasing debt will slow 
that growth.’’. 
(E) According to the GOP Platform in 
2016, ‘‘Our national debt is a burden on our 
economy and families. The huge increase in the 
national debt demanded by and incurred during 
the current Administration has placed a signifi-
cant burden on future generations. We must 
impose firm caps on future debt, accelerate the 
repayment of the trillions we now owe in order 
to reaffirm our principles of responsible and 
limited government, and remove the burdens we 
are placing on future generations. A strong 
economy is one key to debt reduction, but 
spending restraint is a necessary component 
that must be vigorously pursued.’’. 
(5) Since the beginning of the Global War on 
Terror, the Overseas Operations in Iraq, Afghani-
stan, and other War on Terror-related activities have 
added an estimated $1.7 trillion to the national debt 
(according to figures by the Congressional Research 
Service and the Congressional Budget Office). 
(6) Several academic and media reports project 
total spending and future obligations for the Over-
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
seas Operations in Iraq, Afghanistan, and other War 
on Terror-related activities to cost between $4 tril-
lion and $6 trillion (a recent report by the Cost of 
War project at Brown University estimates the costs 
through 2053 as $4.792 trillion). 
(7) If the Donald J. Trump Wealth Tax raises 
the $5.7 trillion that President Trump expected it 
would in 1999, it would cover all current and future 
obligations incurred by the Global War on Terror 
and reduce the debt to GDP ratio from 77 percent 
to 46 percent. 
(8) On February 28, 2017, President Trump 
declared in his speech before Congress that, ‘‘Demo-
crats and Republicans should get together and unite 
for the good of our country and for the good of the 
American people.’’. 
(9) In the spirit of bipartisanship, we introduce 
the Donald J. Trump Wealth Tax to fulfill his prom-
ise to the American people and substantially reduce 
our national debt. 
SEC. 3. DONALD J. TRUMP WEALTH TAX. 
(a) TAX IMPOSED.—There is hereby imposed a tax 
equal to 14.25 percent of so much of the net worth of 
any individual who is a citizen or resident of the United 
States, or any applicable trust, as exceeds $10,000,000. 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
(b) VALUATION.—For purposes of this section, net 
worth shall be determined as of the date of the enactment 
of this Act under rules similar to the rules for determining 
the taxable estate of a decedent under chapter 11 of the 
Internal Revenue Code of 1986, except that in the case 
of any married individuals, the tax imposed by this section 
shall be determined jointly. 
(c) TRUSTS.—For purposes of this section— 
(1) APPLICABLE TRUST.—The term ‘‘applicable 
trust’’ means any trust which is not treated as a 
grantor trust under such Code and which is— 
(A) a domestic trust; or 
(B) any portion of a foreign trust which is 
allocable, under such rules as the Secretary of 
the Treasury may prescribe, to one or more 
beneficiaries who are citizens or residents of the 
United States. 
(2) GRANTOR TRUST.—The net worth of any 
grantor trust shall be taken into account by the 
grantor in determining the tax imposed by this sec-
tion. 
(d) EXCLUSION OF PRINCIPAL RESIDENCE AND ITS 
INDEBTEDNESS.—The value of any principal residence 
(within the meaning section 121 of such Code), and any 
acquisition 
indebtedness 
(as 
defined 
in 
section 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS
163(h)(3)(B) of such Code) with respect thereto, shall not 
be taken into account under subsection (a). 
Æ 
VerDate Sep 11 2014 
00:13 Apr 27, 2017
Jkt 069200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6301
E:\BILLS\H2143.IH
H2143
lotter on DSK5VPTVN1PROD with BILLS