Millionaires Surtax Act

This bill would add a new federal income tax on high-income individuals, estates, and trusts. It would charge an extra 10 percent tax on modified adjusted gross income above $2,000,000 for married couples filing jointly and surviving spouses, and above $1,000,000 for other taxpayers. Corporations and trusts devoted entirely to certain charitable purposes would not pay it. The new tax could not be reduced by tax credits, and it would apply to tax years beginning after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• Chris Van Hollen Democrat sponsor
• 3 cosponsors