The Millionaires Surtax Act is currently in the early stages of the legislative process. It was recently sent to the Senate Committee on Finance for review. There are no upcoming votes scheduled at this time.
Legislative Progress
Senate
House
President
Law
Unlikely to pass
This bill is supported only by Democrats and faces strong opposition from Republicans. Without support from both parties, it is very difficult for a tax bill to pass the Senate.
Key Points
This bill would create a new 10% tax on the highest-earning people in the country. It only applies to income over $2 million for married couples or $1 million for individuals.
This is a surtax, which means it is an extra charge added on top of the regular income taxes these people already pay. It targets the portion of their income that exceeds the million-dollar limits.
Most Americans would not pay a penny more under this plan. The policy is designed to collect more money from the very wealthy to help fund government programs.
If the bill becomes law, the new tax would begin for the 2027 tax year. It includes specific rules for how to count income for people living in other countries and for certain types of estates.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
2 milestones2 actions
Apr 15, 2026Senate
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Apr 15, 2026
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
