This bill proposes a one-time tax of 14.25 percent on the net worth of certain individuals and trusts. This tax is levied on the portion of net worth that exceeds $10,000,000 , as determined on the date of the Act's enactment. The tax applies to U.S. citizens and residents, as well as the nongrantor portions of domestic and certain foreign trusts. Net worth is defined as the fair market value of all assets, minus bona fide liabilities and, for individuals, the value of their principal residence and related acquisition indebtedness. The bill includes provisions for the Secretary of the Treasury to prescribe necessary regulations. The bill's findings section highlights past statements by Donald J. Trump in 1999 and 2015, where he expressed support for a wealth tax plan to pay off the national debt. It also cites concerns from various prominent analysts and political figures regarding the growing national debt, suggesting this tax could significantly reduce the debt-to-GDP ratio if it raises the projected $5.7 trillion.