A bill to amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals.
Millionaires Surtax Act
This bill imposes an additional 10% tax on individual taxpayers whose modified adjusted gross income exceeds $2 million ($1 million for taxpayers not filing a joint return or surviving spouses). The bill sets forth special rules for the taxation of nonresident aliens and citizens and residents living abroad, and exempts charitable trusts from such tax.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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