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High-Income Tax: Ensuring a Fair Share of Tax Burden

This act introduces a new tax for very high-income earners to ensure they contribute more to the national budget. It aims to reduce the deficit and simplify the tax system, impacting the personal finances of the wealthiest citizens.
Key points
A new tax applies to individuals with an annual income exceeding $1,000,000 (or $500,000 for married individuals filing separately).
The tax rate is 30% on income above the specified threshold, after considering certain deductions, including charitable contributions.
The income threshold will be adjusted annually for inflation to reflect changes in the cost of living.
The act aims to ensure that the wealthiest citizens pay a fair share of taxes, which is intended to help reduce the budget deficit.
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Expired
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Additional Information
Print number: 117_S_1652
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2021-05-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Paying a Fair Share Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1652.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-17.

What are the main provisions?

Key points include:

  • A new tax applies to individuals with an annual income exceeding $1,000,000 (or $500,000 for married individuals filing separately).
  • The tax rate is 30% on income above the specified threshold, after considering certain deductions, including charitable contributions.
  • The income threshold will be adjusted annually for inflation to reflect changes in the cost of living.
  • The act aims to ensure that the wealthiest citizens pay a fair share of taxes, which is intended to help reduce the budget deficit.
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 Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy