Very high-income taxpayers could owe more federal tax if they pay less than 30% of their income now. The bill applies above $1 million in adjusted gross income, or $500,000 for married people filing separately.
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Paying a Fair Share Act of 2025 is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.
Latest action on S. 1243: Read twice and referred to the Committee on Finance.
Who this affects: This bill mainly affects people with very high incomes who pay less than 30% of their adjusted gross income in covered federal taxes. It can also affect certain trusts and estates. Charitable donors in this income range may see less tax benefit from some giving because the bill counts only a limited charitable deduction.
Why this matters: This bill matters because some very high-income taxpayers may pay less than 30% of their income in covered federal taxes. The bill would make them pay extra tax until they reach that floor, with a phase-in above the income limit. It could raise federal revenue from a narrow group of taxpayers. The exact effect is not stated in the bill and would depend on taxpayer behavior and future tax changes.
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