Bills · HR 8294
IN COMMITTEE· 119TH CONGRESS
House BillHR 8294Taxation
Millionaires Surtax Act
This bill adds a 10% extra tax on any yearly income over $1 million for individuals or $2 million for couples to raise more money from the country's highest earners.AI-written
INTRO APR 15· LAST ACTION APR 15
PASSAGE CHANCESLONG SHOT
10%
READING
3MIN
COSPONSORS
9
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
tl;dr
AI-writtenImposes an additional 10% tax on yearly income exceeding $1 million for individuals and $2 million for couples to increase federal revenue from the wealthiest Americans.
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill is a major move in the debate over wealth inequality and how the government should raise money. Supporters see it as a way to make the tax system fairer by ensuring the wealthiest citizens pay a larger share, while opponents worry it could discourage investment or lead to tax avoidance. If this becomes law, it would generate significant new revenue for the federal government without increasing taxes on the middle or lower classes.
KEY PROVISIONS
4AI-extractedPROVISION 01
Establishes a 10% surtax on income over specific thresholds.
This is the core of the bill, creating a significant new tax obligation for the ultra-wealthy.
PROVISION 02
Sets thresholds at $1 million for individuals and $2 million for married couples.
These high cut-offs ensure the tax only impacts the highest earners in the country.
PROVISION 03
Defines 'Modified Adjusted Gross Income' for this tax.
By allowing a deduction for investment interest, it slightly lowers the taxable amount for those with high investment expenses.
PROVISION 04
Exempts charitable trusts from the surtax.
This protects money specifically set aside for charity from being reduced by the new tax.
SPONSORSHIP
1 + 9
D· Virginia
YRS IN OFFICE
11
BILLS LED
63
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 9 REP 0 IND 0
ACTION TIMELINE
2 EVENTSAPR 15
Introduced in House
APR 15
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 8294
Congress119th
StatusIn Committee
IntroducedApr 15, 2026
Last actionApr 15, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED APR 15, 2026
House BillHR 8294Taxation
Millionaires Surtax Act
This bill adds a 10% extra tax on any yearly income over $1 million for individuals or $2 million for couples to raise more money from the country's highest earners.AI-written
INTRODUCED APR 15, 2026· LAST ACTION APR 15, 2026
PASSAGE CHANCES
10%
READING
3 min
COSPONSORS
9
COMPLEXITY
Moderate
