The bill would add a 10% surtax on modified adjusted gross income above $2 million for joint filers and surviving spouses, and above $1 million for other taxpayers. It would apply to tax years beginning after December 31, 2026. The bill includes special rules for investment interest, people living abroad, nonresident aliens, and certain charitable trusts.
If you are a noncorporate taxpayer whose modified adjusted gross income is above the applicable threshold, the surtax would apply to the amount above that threshold. The bill does not change the thresholds for corporations because they are excluded from the surtax.
Affected taxpayers would owe an additional tax equal to 10% of income above the applicable threshold. No other expenses are specified in the bill text.
No publicly available information.
No publicly available information.