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 bill 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.' It imposes a 10 percent tax on modified adjusted gross income exceeding $2,000,000 for taxpayers other than corporations. 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 not previously considered. 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 certain purposes, such as determining credit amounts. The amendments apply to taxable years beginning after December 31, 2026.

Back to bills

Millionaires Surtax Act

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

Author: Chris Van Hollen (D-MD)

TL;DR (AI)

The bill establishes a 10 percent surtax on modified adjusted gross income exceeding $2,000,000 for most taxpayers and $1,000,000 for single filers.
Modified adjusted gross income is calculated by reducing adjusted gross income with previously unconsidered investment interest deductions.
The surtax applies to taxable years beginning after December 31, 2026.

119th Congressin committeeHR. 8294(In Committee)Official page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

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

3 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account