What does Preamble of Millionaires Surtax Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment aims to impose a surtax on high-income individuals.

What does SHORT TITLE. of Millionaires Surtax Act do?

This Act is formally titled the Millionaires Surtax Act.

What does SURCHARGE ON HIGH INCOME INDIVIDUALS. of Millionaires Surtax Act do?

This section amends the Internal Revenue Code of 1986 by adding a new part, Part VIII, titled 'Surcharge on High Income Individuals.' A 10 percent tax is imposed on taxpayers (other than corporations) for income exceeding $2,000,000, referred to as 'modified adjusted gross income.' For taxpayers not filing jointly, the threshold is reduced to $1,000,000. Modified adjusted gross income is defined as adjusted gross income reduced by investment interest deductions. Special rules apply to nonresident alien individuals, citizens and residents living abroad, and charitable trusts. The tax imposed under this section is not treated as a tax imposed by this chapter for purposes of determining certain credits or section 55. The amendments apply to taxable years beginning after December 31, 2026.

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Millionaires Surtax Act

Last updated: 4/15/2026 · Introduced: 4/15/2026

Author: Donald Beyer (D-VA)

TL;DR (AI)

The bill establishes a 10 percent surtax on individuals with modified adjusted gross income exceeding $2,000,000, or $1,000,000 for those not filing jointly.
Modified adjusted gross income is calculated by reducing adjusted gross income by investment interest deductions.
The surtax applies to taxable years beginning after December 31, 2026.

119th Congressin committeeS. 4306(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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