Bill > HR766

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" for individuals with an adjusted gross income exceeding $1 million (or $500,000 for married individuals filing separately), with this threshold adjusted for inflation after 2014. This tax is calculated as 30% of the taxpayer's adjusted gross income minus their modified charitable contribution deduction, and then a portion of this amount is imposed based on how much their adjusted gross income exceeds the specified threshold. The tax is designed to ensure that high-income taxpayers pay at least a certain amount, considering their regular income tax, alternative minimum tax (AMT), and payroll taxes, and it applies to taxable years beginning after December 31, 2013.