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United States · Bill · S

S. 955 (115th)

Paying a Fair Share Act of 2017

referredUnited States· United States Congress· EN

Introduced

27 April 2017

Last action

27 April 2017 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Whitehouse, Sheldon [D-RI], Sen. Warren, Elizabeth [D-MA], Sen. Baldwin, Tammy [D-WI], Sen. Booker, Cory A. [D-NJ], Sen. Leahy, Patrick J. [D-VT], Sen. Reed, Jack [D-RI], Sen. Merkley, Jeff [D-OR], Sen. Markey, Edward J. [D-MA], Sen. Franken, Al [D-MN], Sen. Shaheen, Jeanne [D-NH], Sen. Hassan, Margaret Wood [D-NH], Sen. Blumenthal, Richard [D-CT], Sen. Van Hollen, Chris [D-MD], Sen. Klobuchar, Amy [D-MN], Sen. Durbin, Richard J. [D-IL], Sen. Duckworth, Tammy [D-IL], Sen. Feinstein, Dianne [D-CA]

Subjects

Taxation

Source updated

5 December 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Paying a Fair Share Act of 201 7 This bill amends the Internal Revenue Code to require 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 2018. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 27 April 2017

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 27 April 2017

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 27 April 2017

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 27 April 2017

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 27 April 2017

    Open at official source

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Sponsors

Related records

Sources

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