Bill · H.R. 2534· House(119-HR-2534)
Paying a Fair Share Act of 2025
- Introduced
- 4/1/2025
- Last activity
- 4/1/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Brendan Boyle
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
The Paying a Fair Share Act of 2025 aims to ensure high-income earners pay a fair share of Federal taxes. It introduces a new "Fair Share Tax" on individuals with adjusted gross incomes exceeding $1,000,000, or $500,000 for married individuals filing separately. This tax is calculated based on a fraction of the taxpayer's income above that threshold and a tentative tax amount. The tentative tax is set at 30 percent of the taxpayer's income after specific modified charitable contribution deductions. The bill includes provisions for inflation adjustments to the income threshold starting after 2025. The Act is intended to serve as an interim step to cut the deficit and establish a floor on taxes for the highest-income taxpayers.
Yes· 3 of 4
Does this raise taxes on the highest earners?+8
The bill imposes a new 'Fair Share Tax' on individuals with adjusted gross incomes exceeding $1,000,000.
Would households on low incomes be better off under this?+5
The reduction in deficit through high-income taxation may indirectly benefit lower-income households through increased government services.
Does this reduce what the federal government owes?+5
The bill is intended to cut the federal deficit by billions of dollars a year.
The opposite· 3 of 4
Would high-income households be better off under this?-8
The bill imposes a new significant tax on individuals with incomes over $1,000,000.
Would people with substantial wealth be better off under this?-8
High-income taxpayers face a new tax designed to establish a tax floor.
Would the very wealthiest people be better off under this?-8
The bill targets high-income earners with a new tax provision.
Who it would affect, and how
Potential Positive Impacts for People
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Deficit Reduction: The bill is intended to cut the deficit by billions of dollars a year (Section 3).
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Tax Floor for High Earners: The Act serves as a floor on taxes for the highest-income taxpayers (Section 3).
Potential Negative Impacts for People
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Additional Tax Burden for High-Income Earners: A new tax is imposed on high-income taxpayers, defined as those with an adjusted gross income in excess of $1,000,000, or $500,000 for a married individual who files a separate return (Section 2(a), Section 2(c)(1)).
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Impact on Charitable Deductions: The "tentative fair share tax" is calculated using a modified charitable contribution deduction, which may affect how deductions are applied (Section 2(b)).
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Requirement to Itemize: For individuals who do not elect to itemize deductions, the modified charitable contribution deduction shall be zero (Section 2(b)(2)(B)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+5Good For Billionaires-8Good For High Income Households-8Good For High Net Worth Individuals-8Good For Ultra High Net Worth Individuals-8
- Economy And Finance
- Increases Wealthy Taxes+8Improves Fiscal Responsibility+5Reduces National Debt+5
- 4/1/2025
- Referred to the House Committee on Ways and Means.
- 2 Cosponsors added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Ro KhannaDemocrat · California
Eleanor NortonDemocrat · District of Columbia