United States 119th Congress Status: In Committee 4 D cosponsors

S 4306 — Millionaires Surtax Act

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced April 15, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 22% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 4 sponsors

    1 primary, 3 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (4 D).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

How this bill changes current law

9 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new surtax on high-income individuals earning over $2,000,000.

  • Internal Revenue Code of 1986

    Part VIII--Surcharge on High Income Individuals

    Adds a new part to the Internal Revenue Code specifically for the surtax on high-income individuals.

  • SEC. 59B

    SEC. 59B. SURCHARGE ON HIGH INCOME INDIVIDUALS. (a) General Rule.--In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 10 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $2,000,000.

    Imposes a 10% surtax on modified adjusted gross income exceeding $2,000,000 for individuals.

  • SEC. 59B

    (b) Taxpayers Not Making a Joint Return.--In the case of any taxpayer other than a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), subsection (a) shall be applied by substituting '$1,000,000' for '$2,000,000'.

    Adjusts the income threshold for the surtax to $1,000,000 for individual taxpayers who do not file jointly.

  • SEC. 59B

    (c) Modified Adjusted Gross Income.--For purposes of this section, the term 'modified adjusted gross income' means adjusted gross income reduced by any deduction (not taken into account in determining adjusted gross income) allowed for investment interest (as defined in section 163(d)). In the case of an estate or trust, adjusted gross income shall be determined as provided in section 67(e).

    Defines 'modified adjusted gross income' for tax purposes.

  • SEC. 59B

    (d) Special Rules.-- (1) Nonresident alien.--In the case of a nonresident alien individual, only amounts taken into account in connection with the tax imposed under section 871(b) shall be taken into account under this section.

    Specifies rules for nonresident aliens regarding the surtax.

  • SEC. 59B

    (2) Citizens and residents living abroad.--The dollar amount in effect under subsection (a) (after the application of subsection (b)) shall be decreased by the excess of-- (A) the amounts excluded from the taxpayer's gross income under section 911, over (B) the amounts of any deductions or exclusions disallowed under section 911(d)(6) with respect to the amounts described in subparagraph (A).

    Adjusts the income threshold for citizens and residents living abroad based on income excluded under section 911.

  • SEC. 59B

    (3) Charitable trusts.--Subsection (a) shall not apply to a trust all the unexpired interests in which are devoted to one or more of the purposes described in section 170(c)(2)(B).

    Exempts certain charitable trusts from the surtax.

  • SEC. 59B

    (4) Not treated as tax imposed by this chapter for certain purposes.--The tax imposed under this section shall not be treated as tax imposed by this chapter for purposes of determining the amount of any credit under this chapter or for purposes of section 55.

    Clarifies the surtax will not affect the calculation of certain tax credits.

  • Internal Revenue Code of 1986

    Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2026.

    Establishes the effective date for the surtax.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 543 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (543)

543 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors S 4306?
S 4306 is sponsored by Merkley, Jeff (Democratic), Luján, Ben Ray (Democratic), Gallego, Ruben (Democratic), and Van Hollen, Chris (Democratic).
What is the current status of S 4306?
This bill is in committee in the Senate. Introduced April 15, 2026. It must pass committee before a floor vote.
Where can I track S 4306?
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