The Millionaires Surtax Act would impose a new 10 percent tax on high-income individuals in addition to their regular income taxes. The surtax would apply to income exceeding $2 million for married couples filing jointly and $1 million for single filers and would be calculated based on modified adjusted gross income with certain deductions for investment interest. The legislation includes special provisions exempting nonresident aliens, charitable trusts, and citizens living abroad in certain circumstances, while also clarifying that this surtax cannot be used to increase certain tax credits. The tax would take effect for the 2027 tax year and later.
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