People with income above $1 million, or $2 million for joint filers, would pay a new 10% federal tax on income over that line. Some estates and trusts could also pay it. The change would start after 2026.
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Millionaires Surtax Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.
Latest action on S. 4306: Read twice and referred to the Committee on Finance.
Who this affects: This bill mainly affects people with income above $1 million, or above $2 million for married couples filing together. It also affects estates and trusts with high income, unless the trust is fully devoted to qualifying charitable purposes. People living abroad and nonresident aliens may face special counting rules if they have income tied to the United States or excluded foreign earned income.
Why this matters: This bill would make very high income more expensive to receive after taxes. It would raise taxes only above the bill's income lines, so people below those levels would not pay the new surtax. The change could bring in more federal money, though the bill does not give an amount. It could also affect how high-income taxpayers plan income, investments, trusts, and charitable giving.
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