HR 5043 · 116th Congress 2019–2021, ended

Millionaires Surtax Act

Introduced Nov 12, 2019 Originated House Sponsor Donald S. Beyer, Jr. D-VA

Latest action · Nov 12, 2019 Referred to the House Committee on Ways and Means.

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.

IntroducedNov 12, 2019
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Millionaires Surtax Act

This bill imposes an additional 10% tax on individual taxpayers whose adjusted gross income exceeds $2 million.

Cosponsors 6

Members who signed on, in the order they did. Signatures ran from Nov 12, 2019 to Feb 12, 2020; 2 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-IL	Janice D. Schakowsky	Original	Nov 12, 2019
D-CA	Jimmy Panetta	Original	Nov 12, 2019
D-CA	Alan S. Lowenthal		Dec 23, 2019
D-OR	Earl Blumenauer		Dec 23, 2019
D-CA	Zoe Lofgren		Feb 6, 2020
D-TN	Steve Cohen		Feb 12, 2020

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Nov 12, 2019

Actions 2

Everything that happened, newest first.

Nov 12, 2019Introduced in House
Nov 12, 2019Referred to the House Committee on Ways and Means.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article 1, Section 8: The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States.

The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 180, November 12, 2019, page H8784.

Related bills 2

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
S 2809	Millionaires Surtax Act	Identical bill	Nov 7, 2019
HR 3805	Millionaires Surtax Act	Reintroduced Bill	Jun 11, 2021

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to impose a surtax on high income individuals.
Short Title(s) as Introduced: Millionaires Surtax Act

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Nov 12, 2019Introduced in House

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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.