S. 4306In committeeJobs & the economy
Senate bill targets millionaires with a 10% surtax
Data as of July 11, 2026
Starting in 2027, high earners above $1M (or $2M for joint filers) would pay an extra 10% federal tax on income over that line.50-second read · 5 questions answered below
Decoded
What does this do?
This bill would add a 10% surtax on the portion of income above $1,000,000 for most filers, or above $2,000,000 for married couples filing jointly and surviving spouses. Only the dollars above the threshold are taxed at the extra rate, not total income. The change would start with the 2027 tax year.
Who does it affect?
The surtax would apply to high-income individuals, estates, and trusts. Americans living abroad, nonresident aliens, and certain charitable trusts would face special rules that may lower or remove what they owe under this tax.
Why does it matter?
High earners above the thresholds would see a higher overall federal tax bill starting in 2027. Those in the exempted groups may owe less or nothing under this specific surtax.
What does it cost, and who pays?
- 10% surcharge on income above threshold
- Example: $1.2M earner pays extra on $200K
Where does it stand?
- Introduced
- Senate committee — You are here
- Senate vote
- House
- President's desk
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
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Official title
Millionaires Surtax Act
- Introduced:
- April 15, 2026
- Latest action:
- April 15, 2026
Read twice and referred to the Committee on Finance.
Read the official bill on Congress.govMake the call
Three steps: where you stand, your script, the call.