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New Tax for High-Income Earners: Ensuring a Fair Share

This act introduces a new tax for individuals with very high incomes, aiming to ensure that the wealthiest citizens contribute more to the national budget. The goal is to reduce the deficit and simplify the tax system for most people. These changes may affect the personal finances of the wealthiest, but not the majority of citizens.
Key points
Introduction of an additional tax for individuals with an adjusted gross income exceeding $1,000,000 annually.
The tax aims to increase government revenue and reduce the deficit.
The $1,000,000 threshold will be adjusted annually for inflation to maintain its real value.
The act is considered an interim step towards broader tax reform, aiming to close loopholes and simplify the system.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1243
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2025-04-01
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Summarized by: gemini-2.5-flash
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_S_1243.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-04-01.

What are the main provisions?

Key points include:

  • Introduction of an additional tax for individuals with an adjusted gross income exceeding $1,000,000 annually.
  • The tax aims to increase government revenue and reduce the deficit.
  • The $1,000,000 threshold will be adjusted annually for inflation to maintain its real value.
  • The act is considered an interim step towards broader tax reform, aiming to close loopholes and simplify the system.
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 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 2025-12-23.

CATEGORIES

Taxes Economy