H.R. 8316 would impose a one-time “wealth tax” of 14.25% on the amount that certain U.S.-connected individuals and some trusts have in net worth above $10,000,000, using their net worth as of the date the law is enacted. It applies to U.S. citizens or residents and to non-grantor portions of domestic trusts, and it can also reach non-grantor portions of foreign trusts if they can be allocated to U.S. citizen or resident beneficiaries. “Net worth” would be calculated using the fair market value of assets minus bona fide liabilities, and for individuals it would exclude the value of a principal residence and related acquisition debt. The bill directs the Treasury to issue regulations to carry it out, but it does not specify a separate collection or spending timeline in the provided text.