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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Paying a Fair Share Act of 2019

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to ensure high-income earners pay a fair share of Federal taxes.


Actions Overview (1)

Date
06/05/2019Introduced in Senate

All Actions (1)

Date
06/05/2019Read twice and referred to the Committee on Finance.
Action By: Senate

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance06/05/2019 Referred to

As of 08/18/2019 no related bill information has been received for S.1726 - Paying a Fair Share Act of 2019


Latest Summary (1)

There is one summary for S.1726. View summaries

Shown Here:
Introduced in Senate (06/05/2019)

Paying a Fair Share Act of 2019

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 2020.

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.