The Millionaires Surtax Act would impose a 10 percent additional tax on high-income individuals, applying to income above $2 million for married couples filing jointly and above $1 million for single filers. This surtax would be added on top of existing income taxes and would apply to a taxpayer's modified adjusted gross income, which is their regular adjusted gross income minus certain investment interest deductions. The bill would take effect for tax years beginning after December 31, 2026, meaning it would first apply to 2027 tax returns filed in 2028. The legislation includes exceptions for certain charitable trusts and adjustments for nonresident aliens and U.S. citizens living abroad. No specific revenue projections or sunset dates are included in the bill text.
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