Paying a Fair Share Act of 2015
Latest action · Jan 13, 2015 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 13, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Paying a Fair Share Act of 2015
Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016.
Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Cosponsors 16
Members who signed on, in the order they did. All signed on Jan 13, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Jan 13, 2015 |
| D-MN | Amy Klobuchar | Original | Jan 13, 2015 |
| D-CA | Barbara Boxer | Original | Jan 13, 2015 |
| I-VT | Bernard Sanders | Original | Jan 13, 2015 |
| D-HI | Brian Schatz | Original | Jan 13, 2015 |
| D-MO | Claire McCaskill | Original | Jan 13, 2015 |
| D-MA | Edward J. Markey | Original | Jan 13, 2015 |
| D-MA | Elizabeth Warren | Original | Jan 13, 2015 |
| D-NV | Harry Reid | Original | Jan 13, 2015 |
| D-RI | Jack Reed | Original | Jan 13, 2015 |
| D-NH | Jeanne Shaheen | Original | Jan 13, 2015 |
| D-OR | Jeff Merkley | Original | Jan 13, 2015 |
| D-VT | Patrick J. Leahy | Original | Jan 13, 2015 |
| D-CT | Richard Blumenthal | Original | Jan 13, 2015 |
| D-IL | Richard J. Durbin | Original | Jan 13, 2015 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jan 13, 2015 |
Actions 2
Everything that happened, newest first.
- Jan 13, 2015Introduced in Senate
- Jan 13, 2015Read twice and referred to the Committee on Finance.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 362 | Paying a Fair Share Act of 2015 | Identical bill | Jan 14, 2015 |
| S 955 | Paying a Fair Share Act of 2017 | Reintroduced Bill | Apr 27, 2017 |
| S 2677 | In the Red Act of 2016 | Related bill | Mar 15, 2016 |
| HR 5106 | In the Red Act of 2016 | Related bill | Sep 19, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to ensure high-income earners pay a fair share of Federal taxes.
- Short Titles as Introduced
- Paying a Fair Share Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 13, 2015Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
