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Adjusted Gross Income (AGI)

A taxpayer's gross income minus certain deductions, used as a key figure to calculate taxable income.

High-income taxpayer

For the purpose of this bill, an individual, estate, or trust with an adjusted gross income exceeding $1,000,000 (or $500,000 for married individuals filing separately) in a taxable year.

Taxable year

An annual accounting period for keeping records and reporting income and expenses, typically the calendar year for individuals.

Internal Revenue Code (IRC)

The body of law in the United States that governs federal tax liabilities.

Charitable contribution deduction

A reduction in taxable income allowed for donations made to qualifying charitable organizations.

Payroll tax

Taxes paid on the wages and salaries of employees, typically for social insurance programs like Social Security and Medicare.

Alternative Minimum Tax (AMT)

A supplemental income tax imposed by the United States federal government on certain individuals, corporations, estates, and trusts, designed to ensure that those with high incomes pay at least a minimum amount of tax.