Referred to the House Committee on Ways and Means.
This bill creates a new "fair share" surtax on individual taxpayers (not corporations) with adjusted gross income above $1,000,000 (indexed for inflation). The tentative surtax equals 30% of AGI minus a modified charitable deduction, phased in based on how far AGI exceeds the threshold, and reduced by the taxpayer's regular tax, certain other taxes (including AMT and specified payroll taxes), and most nonrefundable credits.
Left emphasizes fairness and deficit reduction benefits
Relative to its intended legislative type, this bill is a concrete statutory tax proposal that includes well-specified computational mechanics and integration into the Internal Revenue Code, but it omits fiscal acknowledgements, formal measurement or reporting mechanisms, and broader anti-avoidance or administrative transition detail.
This bill creates a new "fair share" surtax on individual taxpayers (not corporations) with adjusted gross income above $1,000,000 (indexed for inflation).
The tentative surtax equals 30% of AGI minus a modified charitable deduction, phased in based on how far AGI exceeds the threshold, and reduced by the taxpayer's regular tax, certain other taxes (including AMT and specified payroll taxes), and most nonrefundable credits.
The tax applies to taxable years beginning after December 31, 2024, and the bill includes a "sense of the House" statement describing the measure as an interim step toward broader tax reform and deficit reduction.
Content creates a clear partisan fault line and sizable revenue effects; passage likely only if this aligns with majority priorities and procedural routes reduce minority obstruction.
Relative to its intended legislative type, this bill is a concrete statutory tax proposal that includes well-specified computational mechanics and integration into the Internal Revenue Code, but it omits fiscal acknowledgements, formal measurement or reporting mechanisms, and broader anti-avoidance or administrative transition detail.
Left emphasizes fairness and deficit reduction benefits
These are examples from the analysis, not a ranked list of the most-affected groups.
Left emphasizes fairness and deficit reduction benefits
Likely supportive as a targeted measure to ensure very high earners pay more and reduce deficits.
Views it as a pragmatic, near-term step toward greater tax progressivity and closing high-income loopholes.
Cautiously receptive but wants more detail on revenue, complexity, and economic impacts.
Sees merit in raising high-earner taxes and deficit reduction, but worries about administrative complexity and unintended interactions.
Likely opposed as an additional punitive tax on success that raises marginal rates and complicates tax law.
Views it as double-taxing and harmful to investment, entrepreneurship, and payroll-tax fairness.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Content creates a clear partisan fault line and sizable revenue effects; passage likely only if this aligns with majority priorities and procedural routes reduce minority obstruction.
The bill has not accumulated any surfaced votes yet.
Left emphasizes fairness and deficit reduction benefits
Content creates a clear partisan fault line and sizable revenue effects; passage likely only if this aligns with majority priorities and pr…
Relative to its intended legislative type, this bill is a concrete statutory tax proposal that includes well-specified computational mechanics and integration into the Internal Revenue Code, but it omits fiscal acknowle…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.