Millionaires Surtax Act

This bill, titled the "Millionaires Surtax Act," establishes a new 10% surcharge on high-income individuals. This additional tax applies to the portion of a taxpayer's "modified adjusted gross income" that exceeds $2,000,000 for married couples filing jointly, or $1,000,000 for single filers. The bill defines "modified adjusted gross income" with specific deductions and includes special rules for certain taxpayers, such as non-resident aliens and charitable trusts. If enacted, these changes would take effect for taxable years beginning after December 31, 2026.