Bill > S321

This bill, titled the "Paying a Fair Share Act of 2013," aims to reduce the national deficit by establishing a minimum effective tax rate for high-income taxpayers. Specifically, it introduces a new "Fair Share Tax" that applies to individuals with an adjusted gross income exceeding $1,000,000 (or $500,000 for married individuals filing separately), with this threshold adjusted for inflation after 2014. The tax is calculated as 30% of a taxpayer's adjusted gross income minus their modified charitable contribution deduction, but it is only imposed if this amount exceeds their "regular tax liability" (which includes income tax, alternative minimum tax, and payroll taxes, minus certain credits). The "modified charitable contribution deduction" is a pro-rata portion of the actual charitable deduction, limited to taxpayers who itemize their deductions. The bill also includes a "Sense of the Senate" resolution encouraging broader tax reform to close loopholes and ensure wealthy taxpayers contribute their fair share.