Paying a Fair Share Act of 2025

4/11/2025, 2:38 AM

Summary of Bill S 1243

Bill 119 s 1243, also known as the "Fair Share Tax Act," aims to ensure that high-income earners contribute their fair share of federal taxes. The bill proposes to increase the tax rate for individuals earning over $1 million annually, with the goal of generating additional revenue for the federal government.

Under the provisions of the bill, individuals earning between $1 million and $2 million would see their tax rate increase by 1%, while those earning between $2 million and $5 million would see a 2% increase. For individuals earning over $5 million, the tax rate would increase by 3%.

The bill also includes measures to close tax loopholes and prevent high-income earners from avoiding paying their fair share of taxes through various deductions and exemptions. Additionally, the bill proposes to increase funding for the IRS to improve tax enforcement and ensure that all taxpayers, especially high-income earners, are complying with federal tax laws. Supporters of the bill argue that it is necessary to address income inequality and ensure that the wealthiest individuals in society are contributing their fair share to support government programs and services. Critics, however, argue that increasing taxes on high-income earners could discourage investment and economic growth. Overall, Bill 119 s 1243 seeks to address the issue of income inequality by ensuring that high-income earners pay a fair share of federal taxes, while also providing additional revenue to fund government programs and services.

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Current Status of Bill S 1243

Bill S 1243 is currently in the status of Bill Introduced since April 1, 2025. Bill S 1243 was introduced during Congress 119 and was introduced to the Senate on April 1, 2025.  Bill S 1243's most recent activity was Read twice and referred to the Committee on Finance. as of April 1, 2025

Bipartisan Support of Bill S 1243

Total Number of Sponsors
3
Democrat Sponsors
3
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
29
Democrat Cosponsors
27
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 1243

Primary Policy Focus

Alternate Title(s) of Bill S 1243

A bill to ensure high-income earners pay a fair share of Federal taxes.A bill to ensure high-income earners pay a fair share of Federal taxes.
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Sponsors and Cosponsors of S 1243

Sheldon Whitehouse
Sheldon Whitehouse
Rhode Island(Democrat)
Elizabeth Warren
Elizabeth Warren
Massachusetts(Democrat)
Peter Welch
Peter Welch
Vermont(Democrat)
Chris Van Hollen
Chris Van Hollen
Maryland(Democrat)
Tina Smith
Tina Smith
Minnesota(Democrat)
Bernard Sanders
Bernard Sanders
Vermont(Independent)

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