US Congress House Bill 7863 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on July 30 2020 - 25% progression, died in committee
Action: 2020-07-30 - Referred to the Subcommittee on Select Revenue Measures.
Pending: House Subcommittee on Select Revenue Measures Committee
Text: Latest bill text (Introduced) [PDF]

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 2020. The bill also expresses the sense of the House of Representatives 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.

Paying a Fair Share Act of 2019

Rep. David Cicilline [D-RI]	Rep. Eleanor Norton [D-DC]	Rep. James Langevin [D-RI]	Rep. Ro Khanna [D-CA]
Rep. Mark Pocan [D-WI]	Rep. David Trone [D-MD]

Date	Chamber	Action
2020-07-30	House	Referred to the Subcommittee on Select Revenue Measures.
2020-07-30	House	Referred to the House Committee on Ways and Means.
2020-07-30	House	Introduced in House

HB1707 (Related) 2019-03-13 - Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB768 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB1726 (Related) 2019-06-05 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7863/all-info
Text	https://www.congress.gov/116/bills/hr7863/BILLS-116hr7863ih.pdf