Paying a Fair Share Act of 2013

Summary

Paying a Fair Share Act of 2013 - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million 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). Establishes the amount of such tax as 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. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2014. 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. 13 February 2013

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 February 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 February 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 February 2013

  Open at official source

Sponsors

• Sheldon Whitehouse · D · Sponsor
• Tammy Baldwin · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• John Reed · D · Sponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Bernie Sanders · I · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Rep. Harkin, Tom [D-IA-5] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Jeff Merkley · D · Cosponsor
• Elizabeth Warren · D · Cosponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Paying a Fair Share Act of 2013
• related to → Stop the Sequester Job Loss Now Act
• related to → Stop the Sequester Job Loss Now Act Through 2014
• related to → Job Preservation and Economic Certainty Act of 2013
• related to → Job Preservation and Sequester Replacement Act of 2013
• related to ← American Family Economic Protection Act of 2013
• related to ← Bank on Students Emergency Loan Refinancing Act
• related to ← IDEA Full Funding Act