Paying a Fair Share Act of 2019
Latest action · Jul 30, 2020 Referred to the Subcommittee on Select Revenue Measures.
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.
- IntroducedJul 30, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Paying a Fair Share Act of 2019
This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) 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). The amount of the tax is 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.
The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2020.
The bill also expresses the sense of the House of Representatives 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 5
Members who signed on, in the order they did. Signatures ran from Jul 30, 2020 to Oct 1, 2020, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DC | Eleanor Holmes Norton | Original | Jul 30, 2020 |
| D-RI | James R. Langevin | Original | Jul 30, 2020 |
| D-WI | Mark Pocan | Original | Jul 30, 2020 |
| D-CA | Ro Khanna | Original | Jul 30, 2020 |
| D-MD | David J. Trone | Oct 1, 2020 |
Actions 3
Everything that happened, newest first.
- Jul 30, 2020Introduced in House
- Jul 30, 2020Referred to the House Committee on Ways and Means.
- Jul 30, 2020Referred to the Subcommittee on Select Revenue Measures.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 768 | Bank on Students Emergency Loan Refinancing Act | Related bill | Mar 13, 2019 |
| HR 1707 | Bank on Students Emergency Loan Refinancing Act | Related bill | Mar 13, 2019 |
| S 1726 | Paying a Fair Share Act of 2019 | Related bill | Jun 5, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 30, 2020Introduced in House
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.