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New Federal Tax on High-Income Earners Above $1 Million AGI.

This Act introduces an additional federal tax, the "Fair Share Tax," targeting individuals whose Adjusted Gross Income (AGI) exceeds $1,000,000 annually. The goal is to ensure the wealthiest taxpayers contribute a higher effective tax rate, serving as an interim measure to reduce the deficit and encourage broader tax reform. These changes apply starting with the 2025 tax year.
Key points
Imposes a new, supplementary federal tax exclusively on individuals earning over $1,000,000 in Adjusted Gross Income (AGI).
The tax calculation is designed to guarantee a minimum effective tax rate for this high-income group.
Rules for deducting charitable contributions are modified specifically for the calculation of this new tax.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2534
Sponsor: Rep. Boyle, Brendan F. [D-PA-2]
Process start date: 2025-04-01
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Paying a Fair Share Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_2534.

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 2025-04-01.

What are the main provisions?

Key points include:

  • Imposes a new, supplementary federal tax exclusively on individuals earning over $1,000,000 in Adjusted Gross Income (AGI).
  • The tax calculation is designed to guarantee a minimum effective tax rate for this high-income group.
  • Rules for deducting charitable contributions are modified specifically for the calculation of this new tax.
What is the specific legal status?

The current status is Introduced.

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. Boyle, Brendan F. [D-PA-2].

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 2025-12-24.

CATEGORIES

Taxes Economy