Bill · S. 4306· Senate(119-S-4306)
Millionaires Surtax Act
- Introduced
- 4/15/2026
- Last activity
- 4/15/2026 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Chris Van Hollen
- Cosponsors
- - 3 - 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 surcharge on high income individuals. This tax is set at 10 percent of modified adjusted gross income above certain thresholds. For those not making a joint return, the threshold is $1,000,000, while the general threshold is $2,000,000. The changes are intended to 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 surcharge on modified adjusted gross income exceeding $2,000,000 for individuals.
Does this make the government pay for what it commits to?+3
The bill increases federal revenue by taxing high income earners.
Would households on low incomes be better off under this?+2
The bill increases federal revenue which can be used for social programs, though it does not directly fund them.
The opposite
Would high-income households be better off under this?-7
The bill imposes a new 10 percent surcharge on income above $2,000,000 or $1,000,000 for single filers.
Who it would affect, and how
Potential Positive Impacts for People
-
Surcharge on high income individuals: The bill imposes a 10 percent tax on modified adjusted gross income exceeding $2,000,000 (Section 2(a)).
-
Exemption for certain charitable trusts: The surcharge does not apply to trusts where all unexpired interests are devoted to specific charitable purposes described in section 170(c)(2)(B) (Section 2(a)(d)(3)).
Potential Negative Impacts for People
-
Increased tax burden for high income earners: Individual taxpayers (other than corporations) will face an additional tax of 10 percent on income exceeding $2,000,000 (Section 2(a)).
-
Higher tax threshold for single filers: Taxpayers not making a joint return or surviving spouses face a lower threshold of $1,000,000 for the application of the surcharge (Section 2(b)).
-
Tax impact on citizens and residents living abroad: The dollar amount used to calculate the surcharge may be decreased based on amounts excluded from gross income under section 911 (Section 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+3
- Demographic And Interest Groups
- Good For Low Income Households+2Good For High Income Households-7
- 4/15/2026
- Read twice and referred to the Committee on Finance.
- 3 Cosponsors added.
- Introduced in Senate
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.
Ruben GallegoDemocrat · Arizona
Ben LujánDemocrat · New Mexico
Jeff MerkleyDemocrat · Oregon