Millionaires Surtax Act
Sponsored By: Senator Van Hollen, Chris [D-MD]
Introduced
Summary
Creates a 10% surtax on very high incomes. This bill would create a separate tax equal to 10% of a taxpayer’s modified adjusted gross income (MAGI) above $2 million for joint filers and above $1 million for other filers.
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- High-income individuals and married couples: The surtax would apply only to individuals, not corporations, and would tax the portion of MAGI above $2 million for joint filers and $1 million for other filers at 10%.
- Nonresident aliens and Americans abroad: The bill limits what income counts for nonresident aliens to amounts taxed under U.S. rules and reduces the surtax threshold for citizens or residents abroad by amounts excluded under the foreign earned income exclusion.
- Charitable trusts and tax calculations: It exempts certain charitable trusts and treats the surtax as a separate tax so it does not change the calculation of other tax credits or the referenced section 55 rule.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New 10% surtax on millionaires
This bill would impose a separate 10% surtax on very high-income individuals. You would owe the surtax on modified adjusted gross income (MAGI) above $2,000,000 if married filing jointly, and above $1,000,000 for other filers. For this surtax, MAGI would mean AGI reduced by investment interest deductions not already counted in AGI. Nonresident aliens would only count income taxed under U.S. nonresident rules (section 871(b)). U.S. citizens or residents who use the foreign earned income exclusion would have their threshold reduced by the excluded amount minus certain disallowed deductions. Trusts devoted to the charities listed in section 170(c)(2)(B) would be exempt. The surtax would not be treated as a tax for calculating credits under the chapter or for section 55. It would apply to taxable years beginning after December 31, 2026.
Sponsors & CoSponsors
Sponsor
Van Hollen, Chris [D-MD]
MD • D
Cosponsors
Sen. Merkley, Jeff [D-OR]
OR • D
Sponsored 4/15/2026
Sen. Luján, Ben Ray [D-NM]
NM • D
Sponsored 4/15/2026
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 4/15/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov