People with more than $1 million in adjusted gross income could owe a new extra federal tax. The tax would fill part or all of the gap if their total taxes fall below a 30% minimum. Married people filing separately would face a $500,000 cutoff.
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Paying a Fair Share Act of 2025 is a House bill in committee. The latest recorded action: Referred to the House Committee on Ways and Means.
Latest action on H.R. 2534: Referred to the House Committee on Ways and Means.
Who this affects: This bill mainly affects people with more than $1 million in adjusted gross income. It also affects married people filing separately once they pass $500,000. Some estates and trusts could also owe the tax under special income rules. Taxpayers below those income levels would not face the new tax directly.
Why this matters: This bill matters because some very high-income taxpayers can owe less than 30% of their income in federal taxes after deductions, credits, and income-type rules. The bill would add a tax floor for that group. It could raise federal revenue, but the exact amount would depend on incomes, tax planning, and IRS administration. It could also change choices about giving, investing, and using tax credits, but those effects are uncertain.
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