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Millionaires Surtax Act: New 10% Tax on High Earners

This bill introduces an additional 10% tax on individuals with very high annual incomes. It aims to increase tax contributions from the wealthiest Americans starting in 2027.
Key points
A 10% surtax on income exceeding $2 million for married couples filing jointly.
A $1 million threshold for individuals filing single tax returns.
The tax applies to modified adjusted gross income after certain investment interest deductions.
The changes will take effect for tax years beginning after December 31, 2026.
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Status:
Introduced
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Additional Information
Millionaires Surtax Act
Print number: HR 8294
Sponsor: Rep. Beyer, Donald S. [D-VA-8]
Process start date: 2026-04-15
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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Summary & Status

Key Questions about Millionaires Surtax Act: New 10% Tax on High Earners

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 8294.

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 2026-04-15.

What are the main provisions?

Key points include:

  • A 10% surtax on income exceeding $2 million for married couples filing jointly.
  • A $1 million threshold for individuals filing single tax returns.
  • The tax applies to modified adjusted gross income after certain investment interest deductions.
  • The changes will take effect for tax years beginning after December 31, 2026.

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. Beyer, Donald S. [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 2026-04-21.

Analysis and Potential Impact of HR 8294

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