S. 1173 · 118th Congress
Paying a Fair Share Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WhitehouseSponsor15 cosponsors · 14 D, 1 I
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Baldwin
RB
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Blumenthal
CB
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Booker
RD
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Durbin
DF
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Feinstein
MH
D
Hirono
AK
D
Klobuchar
EM
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Markey
JM
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Merkley
AP
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Padilla
JR
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Reed
BS
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Sanders
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Van Hollen
EW
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Warren
PW
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Welch14 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
What it does: CRS summary · Introduced in Senate · Apr 18, 2023
Paying a Fair Share Act of 2023
This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits.
The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2023.
The bill also expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Paying a Fair Share Act of 2023
Latest action (Apr 18, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 18, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.