Paying a Fair Share Act of 2021

Summary

Paying a Fair Share Act of 2021 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 2021. 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.

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Timeline

1. 17 May 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 17 May 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 May 2021 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 May 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 May 2021

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 17 May 2021

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Blumenthal, Richard [D-CT] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Sen. Padilla, Alex [D-CA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Paying a Fair Share Act of 2023
• related to ← Paying a Fair Share Act of 2019