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New Surtax on High-Income Individuals

This bill introduces a new, additional tax for individuals with very high incomes. It applies to incomes exceeding specific thresholds, meaning only the wealthiest citizens will be subject to this extra tax. These changes could impact the personal finances of a small group of top earners.
Key points
Imposition of a 10% surtax on modified adjusted gross income exceeding $2 million for most taxpayers.
For individuals not filing a joint return, the income threshold is $1 million.
The tax applies to income reduced by certain investment interest deductions.
The changes will be effective for taxable years beginning after December 31, 2021.
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Expired
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Additional Information
Print number: 117_S_2028
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2021-06-10
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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

Millionaires Surtax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2028.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-10.

What are the main provisions?

Key points include:

  • Imposition of a 10% surtax on modified adjusted gross income exceeding $2 million for most taxpayers.
  • For individuals not filing a joint return, the income threshold is $1 million.
  • The tax applies to income reduced by certain investment interest deductions.
  • The changes will be effective for taxable 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 Sen. Van Hollen, Chris [D-MD].

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