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New Surtax on High-Income Individuals

This act introduces an additional tax for individuals with very high incomes. It applies to incomes exceeding specific thresholds, meaning only the wealthiest citizens will pay more. The goal is to increase government revenue.
Key points
Individuals earning over $2 million annually (or $1 million for non-joint filers) will pay an additional 10% tax on the amount exceeding this threshold.
The tax applies to modified adjusted gross income, with certain exceptions for non-resident aliens, citizens living abroad, and some charitable trusts.
The changes will take effect for tax years beginning after December 31, 2021.
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Additional Information
Print number: 117_HR_3805
Sponsor: Rep. Beyer, Donald S., Jr. [D-VA-8]
Process start date: 2021-06-11
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OFFICIAL LEGAL TITLE

Millionaires Surtax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3805.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-11.

What are the main provisions?

Key points include:

  • Individuals earning over $2 million annually (or $1 million for non-joint filers) will pay an additional 10% tax on the amount exceeding this threshold.
  • The tax applies to modified adjusted gross income, with certain exceptions for non-resident aliens, citizens living abroad, and some charitable trusts.
  • The changes will take effect for tax years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beyer, Donald S., Jr. [D-VA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy