Bill > HR636

This bill, the Fairness in Taxation Act of 2017, amends the Internal Revenue Code to: 1) Increase individual income tax rates for taxpayers with taxable income exceeding $1 million, with the top rate reaching 49% for income over $1 billion. This applies to married filing jointly, heads of household, unmarried individuals, and married filing separately. 2) Provide for an adjustment in the capital gains tax for taxpayers whose taxable income is subject to the 45% tax bracket, such that the capital gains tax applies to the extent the taxpayer's income exceeds the 45% bracket threshold, rather than the full amount of capital gains. This is intended to recapture the lower capital gains tax rate for high-income taxpayers. The bill's provisions would take effect for taxable years beginning after December 31, 2016.

Budget and Finance

https://www.congress.gov/bill/115th-congress/house-bill/636/all-info