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119-hr-8294119th CongressWALLET
Millionaires Surtax Act
Sponsored By: Representative Beyer, Donald S. [D-VA-8]
Introduced
Summary
A new 10% surtax on very high incomes. This bill would impose a 10 percent surcharge on the portion of a noncorporate taxpayer’s modified adjusted gross income that exceeds set thresholds: $2,000,000 for joint filers and $1,000,000 for other filers and surviving spouses.
Show full summary
- Households with very high incomes would pay an extra 10% on MAGI above $2.0 million for joint filers and above $1.0 million for single filers and surviving spouses.
- The bill defines MAGI with an adjustment for certain investment interest deductions and uses the special MAGI rule in section 67(e) for estates and trusts. Nonresident aliens count only amounts taxed under section 871(b). U.S. citizens and residents abroad adjust the post‑threshold amount for interactions with the foreign earned income exclusion.
- Charitable trusts whose unexpired interests are devoted to purposes in section 170(c)(2)(B) are excluded. The surtax is not treated as a tax for calculating other tax credits under the code or for purposes of section 55.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New 10% surtax on millionaires
If enacted, this bill would add a new 10% surtax on noncorporate taxpayers. You would pay 10% of your modified adjusted gross income (MAGI) that is over a threshold. The threshold would be $2,000,000 for joint filers (and qualifying surviving spouses) and $1,000,000 for other filers. The threshold would be reduced for citizens and residents abroad by the foreign earned income exclusion minus certain disallowed deductions. Nonresident aliens would count only amounts taxed under existing U.S. rules for nonresidents. Estates and trusts would use AGI as determined under current trust rules, and certain charitable trusts devoted to section 170(c)(2)(B) purposes would be excluded. The surtax would apply to taxable years beginning after December 31, 2026, and would be added on top of other federal income taxes but not treated as tax for purposes of certain credits or the alternative minimum tax rules.
Sponsors & CoSponsors
Sponsor
Beyer, Donald S. [D-VA-8]
VA • D
Cosponsors
Rep. Cohen, Steve [D-TN-9]
TN • D
Sponsored 4/15/2026
Rep. Deluzio, Christopher R. [D-PA-17]
PA • D
Sponsored 4/15/2026
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 4/15/2026
Rep. Tlaib, Rashida [D-MI-12]
MI • D
Sponsored 4/15/2026
Rep. Davis, Danny K. [D-IL-7]
IL • D
Sponsored 4/15/2026
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 4/16/2026
Rep. Sánchez, Linda T. [D-CA-38]
CA • D
Sponsored 4/16/2026
Rep. García, Jesús G. "Chuy" [D-IL-4]
IL • D
Sponsored 4/20/2026
Rep. McBride, Sarah [D-DE-At Large]
DE • D
Sponsored 5/29/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov