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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.
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Status:
Introduced
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Additional Information
Paying a Fair Share Act of 2025
Print number: 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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Summary & Status

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

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of HR 2534

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

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Taxes Economy