bipartisanship, we introduce the Donald J. Trump Wealth Tax to fulfill his promise to the American people and substantially reduce our national debt. 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. (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