US Congress Senate Bill 161 (Prior Session Legislation)

---

Spectrum: Strong Partisan Bill (Democrat 16-1)
Status: Introduced on January 13 2015 - 25% progression, died in committee
Action: 2015-01-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Paying a Fair Share Act of 2015 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 2016. 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.

Paying a Fair Share Act of 2015

Sen. Sheldon Whitehouse [D-RI]	Sen. Tammy Baldwin [D-WI]	Sen. Jeanne Shaheen [D-NH]	Sen. Richard Durbin [D-IL]
Sen. Jack Reed [D-RI]	Sen. Claire McCaskill [D-MO]	Sen. Al Franken [D-MN]	Sen. Elizabeth Warren [D-MA]
Sen. Jeff Merkley [D-OR]	Sen. Patrick Leahy [D-VT]	Sen. Richard Blumenthal [D-CT]	Sen. Bernard Sanders [I-VT]
Sen. Barbara Boxer [D-CA]	Sen. Edward Markey [D-MA]	Sen. Harry Reid [D-NV]	Sen. Amy Klobuchar [D-MN]
Sen. Brian Schatz [D-HI]

Date	Chamber	Action
2015-01-13	Senate	Read twice and referred to the Committee on Finance.

HB362 (Same As) 2015-01-14 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/161/all-info
Text	https://www.congress.gov/114/bills/s161/BILLS-114s161is.pdf