Millionaires Surtax Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8294 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8294 To amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 15, 2026 Mr. Beyer (for himself, Mr. Cohen, Mr. Deluzio, Ms. Norton, Ms. Tlaib, and Mr. Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Millionaires Surtax Act''. SEC. 2. SURCHARGE ON HIGH INCOME INDIVIDUALS. (a) In General.--Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: ``PART VIII--SURCHARGE ON HIGH INCOME INDIVIDUALS ``Sec. 59B. Surcharge on high income individuals. ``SEC. 59B. SURCHARGE ON HIGH INCOME INDIVIDUALS. ``(a) General Rule.--In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 10 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $2,000,000. ``(b) Taxpayers Not Making a Joint Return.--In the case of any taxpayer other than a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), subsection (a) shall be applied by substituting `$1,000,000' for `$2,000,000'. ``(c) Modified Adjusted Gross Income.--For purposes of this section, the term `modified adjusted gross income' means adjusted gross income reduced by any deduction (not taken into account in determining adjusted gross