US Congress House Bill 362 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 22)
Status: Introduced on January 14 2015 - 25% progression, died in committee
Action: 2015-01-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means 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 (high-income taxpayer) 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 House of Representatives 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

Rep. David Cicilline [D-RI]	Rep. Matthew Cartwright [D-PA]	Rep. Mark Pocan [D-WI]	Rep. Keith Ellison [D-MN]
Rep. James Langevin [D-RI]	Rep. Janice Schakowsky [D-IL]	Rep. Frederica Wilson [D-FL]	Rep. Barbara Lee [D-CA]
Rep. John Delaney [D-MD]	Rep. Alcee Hastings [D-FL]	Rep. Betty McCollum [D-MN]	Rep. Rick Larsen [D-WA]
Rep. Judy Chu [D-CA]	Rep. John Conyers [D-MI]	Rep. Katherine Clark [D-MA]	Rep. Paul Tonko [D-NY]
Rep. Joseph Kennedy [D-MA]	Rep. Janice Hahn [D-CA]	Sen. Peter Welch [D-VT]	Sen. Chris Van Hollen [D-MD]
Rep. Eleanor Norton [D-DC]	Rep. Louise Slaughter [D-NY]

Date	Chamber	Action
2015-01-14	House	Referred to the House Committee on Ways and Means.
2015-01-14	House	Introduced in House

SB161 (Same As) 2015-01-13 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/362/all-info
Text	https://www.congress.gov/114/bills/hr362/BILLS-114hr362ih.pdf