US SB955 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 17-0)
Status: Introduced on April 27 2017 - 25% progression, died in committee
Action: 2017-04-27 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 27 2017 - 25% progression, died in committee
Action: 2017-04-27 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Paying a Fair Share Act of 2017 This bill 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). The amount of the tax is 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. The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2018. The bill also expresses the sense of the Senate 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.
Title
Paying a Fair Share Act of 2017
Sponsors
Sen. Sheldon Whitehouse [D-RI] | Sen. Elizabeth Warren [D-MA] | Sen. Tammy Baldwin [D-WI] | Sen. Cory Booker [D-NJ] |
Sen. Patrick Leahy [D-VT] | Sen. Jack Reed [D-RI] | Sen. Jeff Merkley [D-OR] | Sen. Edward Markey [D-MA] |
Sen. Al Franken [D-MN] | Sen. Jeanne Shaheen [D-NH] | Sen. Margaret Hassan [D-NH] | Sen. Richard Blumenthal [D-CT] |
Sen. Chris Van Hollen [D-MD] | Sen. Amy Klobuchar [D-MN] | Sen. Richard Durbin [D-IL] | Sen. Tammy Duckworth [D-IL] |
Sen. Dianne Feinstein [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2017-04-27 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB2159 (Related) 2017-04-26 - Referred to the House Committee on Ways and Means.
HB2477 (Related) 2017-05-17 - Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB1162 (Related) 2017-05-17 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
HB2477 (Related) 2017-05-17 - Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB1162 (Related) 2017-05-17 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
Subjects
Budget deficits and national debt
Employment taxes
Income tax deductions
Income tax rates
Inflation and prices
Social work, volunteer service, charitable organizations
Tax reform and tax simplification
Taxation
Employment taxes
Income tax deductions
Income tax rates
Inflation and prices
Social work, volunteer service, charitable organizations
Tax reform and tax simplification
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/955/all-info |
Text | https://www.congress.gov/115/bills/s955/BILLS-115s955is.pdf |