Provide for an excise tax on individual incomes and create the Tax Equity Cash Fund

Summary

The bill adds a 9.5% excise tax on individual income above $1 million for single filers, estates and trusts, and above $2 million for married‑joint or head‑of‑household filers, reduced by the taxpayer’s regular income‑tax rate. The Department of Revenue would collect the tax and credit it to a newly created Tax Equity Cash Fund. The measure failed and was indefinitely postponed.

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