Summary

Creates a new “fair share” tax on high‑income taxpayers by adding a new part to the Internal Revenue Code. It applies starting with tax years that begin after December 31, 2024 (the 2025 filing year). Also includes a nonbinding statement that Congress should pursue broader tax reform to close loopholes, simplify the code, and ensure the wealthiest pay more. The measure is framed as a quick, interim step intended to raise revenue from the highest‑income filers and reduce the deficit by billions each year while encouraging larger tax reform.

Key Points

• Creates a new “fair share” tax aimed at high‑income taxpayers within the Internal Revenue Code.
• Applies to tax years beginning after December 31, 2024 (effective for the 2025 tax year).
• Updates the Code’s table of parts to include the new tax provision.
• Administration and enforcement would occur through normal IRS filing and compliance processes.
• Includes a Sense of the House urging broader tax reform to close loopholes and simplify the tax code.
• Positions the measure as a quick, interim step to raise revenue and reduce deficits by billions annually.
• Does not authorize new spending or include earmarks.
• Targets only high‑income filers; the bill text does not change rates or rules for other taxpayers.

Categories & Tags