Fairness in the American Tax Code Act of 2011 - Amends the Internal Revenue Code to impose an additional tax for taxable years beginning after December 31, 2011, on individual taxpayers equal to: (1) 5% of modified adjusted gross income exceeding $350,000, up to $500,000; (2) 10% of such income exceeding $500,00, up to $1 million; (3) 15% of such income exceeding $1 million, up to $10 million; and (4) 20% of such income exceeding $10 million. Defines "modified adjusted gross income" as adjusted gross income reduced by any deduction allowed for investment interest. Provides for a cost-of-living adjustment to the income levels subject to additional tax for taxable years beginning after 2011.
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