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Millionaires Surtax Act
12/30/2022, 5:47 PM
Summary of Bill HR 3805
Bill 117 HR 3805, also known as the Millionaires Surtax Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to impose an additional tax on individuals with high incomes, specifically those earning over $1 million per year.
The Millionaires Surtax Act proposes a surtax of 10% on income over $1 million, with the revenue generated from this tax increase being used to fund various social programs and initiatives. The bill aims to address income inequality and provide additional funding for important government programs.
Supporters of the Millionaires Surtax Act argue that it is a fair way to ensure that wealthy individuals contribute their fair share to society and help fund important programs that benefit all Americans. They believe that the additional tax revenue generated from this surtax can be used to address pressing social issues and improve the overall well-being of the country. Opponents of the bill, on the other hand, argue that it unfairly targets wealthy individuals and could have negative economic consequences. They believe that imposing a surtax on millionaires could discourage investment and job creation, ultimately harming the economy. Overall, the Millionaires Surtax Act is a controversial piece of legislation that seeks to address income inequality and provide additional funding for important government programs. Its fate in Congress remains uncertain as lawmakers continue to debate the merits and drawbacks of this proposed tax increase.
The Millionaires Surtax Act proposes a surtax of 10% on income over $1 million, with the revenue generated from this tax increase being used to fund various social programs and initiatives. The bill aims to address income inequality and provide additional funding for important government programs.
Supporters of the Millionaires Surtax Act argue that it is a fair way to ensure that wealthy individuals contribute their fair share to society and help fund important programs that benefit all Americans. They believe that the additional tax revenue generated from this surtax can be used to address pressing social issues and improve the overall well-being of the country. Opponents of the bill, on the other hand, argue that it unfairly targets wealthy individuals and could have negative economic consequences. They believe that imposing a surtax on millionaires could discourage investment and job creation, ultimately harming the economy. Overall, the Millionaires Surtax Act is a controversial piece of legislation that seeks to address income inequality and provide additional funding for important government programs. Its fate in Congress remains uncertain as lawmakers continue to debate the merits and drawbacks of this proposed tax increase.
Congressional Summary of HR 3805
Millionaires Surtax Act
This bill imposes an additional 10% tax on individual taxpayers whose modified adjusted gross income exceeds $2 million ($1 million for taxpayers not filing a joint return or surviving spouses). The bill sets forth special rules for the taxation of nonresident aliens and citizens and residents living abroad, and exempts charitable trusts from such tax.
Read the Full Bill
Current Status of Bill HR 3805
Bill HR 3805 is currently in the status of Bill Introduced since June 11, 2021. Bill HR 3805 was introduced during Congress 117 and was introduced to the House on June 11, 2021. Bill HR 3805's most recent activity was Referred to the House Committee on Ways and Means. as of June 11, 2021
Bipartisan Support of Bill HR 3805
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
14Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3805
Primary Policy Focus
TaxationPotential Impact Areas
- Income tax rates
- Tax administration and collection, taxpayers
Alternate Title(s) of Bill HR 3805
Millionaires Surtax Act
To amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals.
Millionaires Surtax Act
Comments
Sponsors and Cosponsors of HR 3805
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