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S. 4306119th CongressIn committeeLatest action Apr 15, 2026Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
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
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.
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.
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.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Read twice and referred to the Committee on Finance.