Bill > S1173

This bill, the Paying a Fair Share Act of 2023, aims to ensure that high-income earners pay a fair share of federal taxes. The key provisions of the bill are: 1. It creates a new "Fair Share Tax" that applies to high-income taxpayers (individuals with adjusted gross income exceeding $1 million, or $500,000 for married individuals filing separately). This tax is equal to 30% of the taxpayer's adjusted gross income minus a modified charitable contribution deduction. 2. The bill includes an inflation adjustment to the $1 million income threshold, which will be increased annually based on the cost-of-living adjustment. 3. The bill specifies that the Fair Share Tax is in addition to the taxpayer's regular income tax, alternative minimum tax, and payroll tax liabilities. 4. The bill includes a sense of the Senate that Congress should enact broader tax reform to repeal unfair and unnecessary tax loopholes, simplify the tax system, and ensure the wealthiest taxpayers pay their fair share. The goal of this bill is to ensure that high-income individuals pay a minimum level of federal taxes, even if they are able to use various deductions and credits to reduce their regular tax liability.