Read twice and referred to the Committee on Finance.
The bill creates a new “fair share” tax on high‑income individuals (AGI over $1,000,000, indexed) that phases in between one and two times the threshold.
It sets a tentative 30% tax on AGI above a modified charitable deduction, then charges the excess over the taxpayer’s regular tax, net investment income tax, payroll taxes, and limited credits.
The tax phases in proportionally and fully applies once AGI reaches twice the threshold, applies to taxable years after 2024, and excludes this new tax from counting for most existing credits and for section 55 interactions.
Substantive tax increase on the wealthy with high partisan salience and no strong bipartisan offsets; low probability absent major package compromise.
Relative to its intended legislative type, this bill is a well-specified statutory change introducing a new additional tax on high-income taxpayers: it contains detailed calculation rules, definitions, cross-references to the IRC, an effective date, and clerical amendments. It lacks fiscal scoring and implementation resourcing details and omits dedicated oversight or reporting provisions.
Fairness versus economic impact: redistribution vs growth concerns
Fairness versus economic impact: redistribution vs growth concerns
Likely strongly supportive: views the measure as a progressive, enforceable step to make millionaires pay more and reduce deficits.
Appreciates the high threshold and phase‑in but will watch for workarounds and charitable deduction impacts.
Sees this as a pragmatic interim reform while pursuing broader tax code changes.
Cautiously supportive but pragmatic: welcomes revenue and deficit reduction but concerned about complexity, compliance costs, and economic effects.
Would want reliable scoring, clearer definitions, and possible adjustments to limit unintended consequences.
Likely strongly opposed: views it as punitive, an extra layer of tax and potential double taxation on high earners.
Sees complexity, negative incentives for investment and charitable giving, and federal overreach into taxation design.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Substantive tax increase on the wealthy with high partisan salience and no strong bipartisan offsets; low probability absent major package compromise.
The bill has not accumulated any surfaced votes yet.
Fairness versus economic impact: redistribution vs growth concerns
Substantive tax increase on the wealthy with high partisan salience and no strong bipartisan offsets; low probability absent major package…
Relative to its intended legislative type, this bill is a well-specified statutory change introducing a new additional tax on high-income taxpayers: it contains detailed calculation rules, definitions, cross-references…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.