Millionaires Surtax Act

This bill would add a new federal income tax, called a surcharge, on individuals, estates, and trusts with high incomes. The surcharge would equal 10 percent of modified adjusted gross income above $2,000,000 for married couples filing jointly and surviving spouses, and above $1,000,000 for other filers. Modified adjusted gross income would be adjusted gross income minus any deduction for investment interest. Trusts devoted entirely to charitable purposes would not pay the surcharge, and the surcharge would not count as tax when figuring tax credits or the alternative minimum tax. The new tax would apply to tax years beginning after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• Donald S. Beyer, Jr. Democrat sponsor
• 9 cosponsors