To ensure high-income earners pay a fair share of Federal taxes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill creates fair share tax on high-income taxpayers Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VIIIFair Share Tax on High-Income TaxpayersSec, creates fair share tax In the case of any high-income taxpayer, there is hereby imposed for a taxable year (in addition to any other tax imposed by this subtitle) a tax equal to the product of— the amount determined, and repeals sense of the Senate regarding tax reform It is the sense of the Senate that— Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the system. It relies on definition changes, tax credits, compliance mandates, and product standards. The main policy areas are Environmental Groups, Environment, and Finance.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk and Businesses and employers affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Environmental and public health interests affected by the bill would take on compliance duties.
Key Provisions
- Creates fair share tax on high-income taxpayers Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VIIIFair Share Tax on High-Income TaxpayersSec.
- Creates fair share tax In the case of any high-income taxpayer, there is hereby imposed for a taxable year (in addition to any other tax imposed by this subtitle) a tax equal to the product of— the amount determined...
- Repeals sense of the Senate regarding tax reform It is the sense of the Senate that— Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the system...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates fair share tax on high-income taxpayers Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VIIIFair Share Tax on High-Income TaxpayersSec, creates fair share tax In the case of any high-income taxpayer, there is hereby imposed for a taxable year (in addition to any other tax imposed by this subtitle) a tax equal to the product of— the amount determined, and repeals sense of the Senate regarding tax reform It is the sense of the Senate that— Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the system.
Key Policy Areas
Environmental Groups, Environment, Finance
Primary Purpose
The bill creates fair share tax on high-income taxpayers Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VIIIFair Share Tax on High-Income TaxpayersSec, creates fair share tax In the case of any high-income taxpayer, there is hereby imposed for a taxable year (in addition to any other tax imposed by this subtitle) a tax equal to the product of— the amount determined, and repeals sense of the Senate regarding tax reform It is the sense of the Senate that— Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the system.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Businesses and employers affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Environmental and public health interests affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Whitehouse (for himself, Ms. Baldwin, Mr. Blumenthal, Mr. Booker, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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