Main Street Alliance Endorses Ultra Millionaire Tax Act of 2026

Small Business Network Backs Warren-Jayapal Bills to Close Wealth Gap and Level the Playing Field

Washington, D.C. — Main Street Alliance today announced its endorsement of the Ultra Millionaire Tax Act of 2026, championed by Sen. Elizabeth Warren and Rep. Pramila Jayapal, along with the Direct File Act of 2026. The Ultra Millionaire Tax Act would establish a 2% annual tax on net worth above $50 million and 3% on wealth above $1 billion, affecting the wealthiest 0.15% of households while generating an estimated $6.2 trillion over the next decade. The Direct File Act simplifies how ordinary taxpayers and small business owners file, cutting costs and reducing reliance on expensive intermediaries.

Together, the bills close longstanding loopholes, curb avoidance strategies available only to the ultra-wealthy, and move the tax system from opaque to accessible and from uneven to even-handed.

"For 99.9% of Americans, paying taxes is as certain as death. The money is gone before you ever see it," said Richard Trent, Executive Director of Main Street Alliance. "But for the wealthiest sliver of households in this country, taxation is more like a negotiation. Through trusts, offshore structures, and gains that never trigger a bill, they get to choose how much they'll pay. If anything. That's not a loophole. That's a design flaw, and it's one that's been bankrupting working families and hollowing out our democracy for decades."

That concentration of wealth has real consequences on Main Street. Runaway healthcare costs, unaffordable childcare, and a credit system that shields predatory lenders instead of supporting small businesses are not separate problems. They share a common cause: too much power in too few hands.

"Main Street businesses have always played by the rules and paid their share," said Lauren Bealore, National Policy Director for Main Street Alliance. "This bill asks the same of people at the very top. Right now the tax code pits independent local businesses against massive corporations that can minimize their obligations through strategies no neighborhood shop can access. The Ultra Millionaire Tax Act narrows that gap so that competition hinges on service, quality, and innovation, not on who has the better tax attorney."

The $6.2 trillion in revenue the bill would generate could fund investments that directly benefit small businesses and working families, including universal childcare, affordable housing, an expanded Child Tax Credit, and tuition-free community college.

"For too long, the rules have been written by and for the people who need them least," said Bealore. "These bills are about restoring balance. Not just in the tax code, but in who this economy is actually built to serve."

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