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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedApril 25th, 2013

What is it?

Enacts new tax brackets for the rich and super-rich. The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million.

The new brackets would be:

• $1-10 million: 45%
• $10-20 million: 46%
• $20-100 million: 47%
• $100 million to $1 billion: 48%
• $1 billion and over: 49%

Impact

Impacts American millionaires and billionaires.

Cost

A CBO cost estimate is not available at this time.

More Information

Media:
The Atlantic: Secret Fears of the Super-Rich

The Hill

The New York Times: Warren Buffett Op-ed

The New York Times: Merely Rich and Superrich

Of Note:

-According to The New York Times, "the superrich, those who report adjusted gross incomes of more than $10 million, have tax rates that are significantly lower than those of the very rich, those earning more than $500,000 but less than $10 million.On average, each of the 11,445 taxpayers who reported more than $10 million in income would have paid an extra million dollars in taxes if they had faced the same tax rates as the very rich."

AKA

Fairness in Taxation Act of 2013

Official Title

To amend the Internal Revenue Code of 1986 to impose increased rates of tax with respect to taxpayers with more than $1,000,000 taxable income, and for other purposes.