summary
Introduced
01/22/2025
01/22/2025
In Committee
01/22/2025
01/22/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Social Security Act and the Internal Revenue Code of 1986 to include net investment income tax imposed in the Federal Hospital Insurance Trust Fund and to modify the net investment income tax.
AI Summary
This bill, called the "Assuring Medicare's Promise Act of 2025," makes several key changes to the Social Security Act and the Internal Revenue Code regarding the Net Investment Income Tax (NIIT). First, the bill directs that taxes from the Net Investment Income Tax be included in the Federal Hospital Insurance Trust Fund, which helps fund Medicare. Second, it expands the application of the NIIT to include trade or business income for high-income individuals, defined as those with modified adjusted gross income over $400,000 (or $500,000 for joint filers). The bill introduces a new concept of "specified net income" and creates a phased approach to implementing the expanded tax. Additionally, the bill modifies how net investment income is calculated, including new rules about foreign income, self-employment income, and wages. The changes would apply to taxable years beginning after December 31, 2025, and include transition rules to ensure proper implementation. The overall goal appears to be increasing revenue for Medicare by broadening the base of taxable investment and business income for higher-income taxpayers.
Committee Categories
Budget and Finance
Sponsors (58)
Lloyd Doggett (D)*,
Alma Adams (D),
Yassamin Ansari (D),
Nanette Barragán (D),
Brendan Boyle (D),
Julia Brownley (D),
André Carson (D),
Greg Casar (D),
Joaquin Castro (D),
Judy Chu (D),
Steve Cohen (D),
Jasmine Crockett (D),
Danny Davis (D),
Diana DeGette (D),
Rosa DeLauro (D),
Chris Deluzio (D),
Mark DeSaulnier (D),
Debbie Dingell (D),
Veronica Escobar (D),
Adriano Espaillat (D),
Cleo Fields (D),
Maxwell Frost (D),
John Garamendi (D),
Dan Goldman (D),
Adelita Grijalva (D),
Raúl Grijalva (D),
Val Hoyle (D),
Jared Huffman (D),
Pramila Jayapal (D),
Hank Johnson (D),
Julie Johnson (D),
Ro Khanna (D),
John Larson (D),
Summer Lee (D),
Mike Levin (D),
Stephen Lynch (D),
Jim McGovern (D),
Gwen Moore (D),
Jerry Nadler (D),
Eleanor Holmes Norton (D),
Alexandria Ocasio-Cortez (D),
Chellie Pingree (D),
Mark Pocan (D),
Delia Ramirez (D),
Andrea Salinas (D),
Linda Sánchez (D),
Jan Schakowsky (D),
Terri Sewell (D),
Melanie Stansbury (D),
Bennie Thompson (D),
Dina Titus (D),
Rashida Tlaib (D),
Paul Tonko (D),
Sylvester Turner (D),
Marc Veasey (D),
Nydia Velázquez (D),
Nikema Williams (D),
Frederica Wilson (D),
Last Action
Referred to the House Committee on Ways and Means. (on 01/22/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/609/all-info |
| BillText | https://www.congress.gov/119/bills/hr609/BILLS-119hr609ih.pdf |
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