Bill · H.R. 8294· House(119-HR-8294)
Millionaires Surtax Act
- Introduced
- 4/15/2026
- Last activity
- 4/15/2026 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Donald Beyer
- Cosponsors
- - 9 - 0
- Introduced
- In Committee
What this bill would do
The "Millionaires Surtax Act" proposes to amend the Internal Revenue Code of 1986. It aims to impose a new surtax on high income individuals who are not corporations. This surcharge would be equal to 10 percent of modified adjusted gross income exceeding $2,000,000. For taxpayers not making a joint return or surviving spouses, the threshold is lowered to $1,000,000. The law would apply to taxable years beginning after December 31, 2026.
Yes
Does this raise taxes on the highest earners?+8
The bill imposes a 10 percent surtax on individuals with modified adjusted gross income exceeding $2,000,000.
Does this make the government pay for what it commits to?+5
The bill increases federal revenue through a new surtax on high-income individuals.
The opposite
Would high-income households be better off under this?-8
High income earners will face an additional 10 percent tax on income above specified thresholds.
Who it would affect, and how
Potential Positive Impacts for People
-
Taxation of High Income Individuals: The bill imposes a 10 percent tax on modified adjusted gross income that exceeds $2,000,000 for taxpayers other than corporations (Sec. 2(a)).
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Exemption for Charitable Trusts: The surcharge does not apply to trusts where all unexpired interests are devoted to specific purposes described in section 170(c)(2)(B) (Sec. 2(a)(d)(3)).
Potential Negative Impacts for People
-
Increased Tax Burden for High Earners: Taxpayers with modified adjusted gross income exceeding $2,000,000 will face an additional 10 percent tax (Sec. 2(a)).
-
Higher Tax Threshold for Single Filers: Individuals not making a joint return or surviving spouses will face the surtax at a lower threshold of $1,000,000 instead of $2,000,000 (Sec. 2(b)).
-
Impact on Citizens and Residents Living Abroad: The dollar amount used to calculate the tax may be decreased based on amounts excluded from gross income under section 911 (Sec. 2(a)(d)(2)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Increases Wealthy Taxes+8Improves Fiscal Responsibility+5
- Demographic And Interest Groups
- Good For High Income Households-8
- 5/29/2026
- 1 Cosponsor added.
- 4/20/2026
- 1 Cosponsor added.
- 4/16/2026
- 2 Cosponsors added.
- 4/15/2026
- Referred to the House Committee on Ways and Means.
- 5 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.
Steve CohenDemocrat · Tennessee
Danny DavisDemocrat · Illinois
Christopher DeluzioDemocrat · Pennsylvania
Jesús GarcíaDemocrat · Illinois
Sarah McBrideDemocrat · Delaware
Eleanor NortonDemocrat · District of Columbia
Jimmy PanettaDemocrat · California
Linda SánchezDemocrat · California
Rashida TlaibDemocrat · Michigan