Millionaires Surtax Act

Summary

The bill creates a new surcharge that taxes 10 % of the portion of a high‑income individual's modified adjusted gross income that exceeds $2 million, with a $1 million threshold for taxpayers who do not file a joint return. It defines modified income by subtracting any investment‑interest deduction and includes special rules for nonresident aliens, Americans living abroad, and charitable trusts. The surcharge would take effect for taxable years beginning after December 31, 2026.

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