3.0.0 955 2023-01-11T13:36:55Z 2023-01-11T13:36:55Z Senate S 2017-04-27 115 ssfi00 Finance Committee Senate Standing Referred to 2017-04-27T14:44:01Z Bank on Students Emergency Loan Refinancing Act 115 2477 HR 2017-05-17 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS Bank on Students Emergency Loan Refinancing Act 115 1162 S 2017-05-17 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015) Related bill CRS Paying a Fair Share Act of 2017 115 2159 HR 2017-04-26 Referred to the House Committee on Ways and Means. Related bill CRS 2017-04-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-04-27 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2017-04-27 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2017-04-27 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2017-04-27 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2017-04-27 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2017-04-27 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2017-04-27 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2017-04-27 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-04-27 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2017-04-27 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2017-04-27 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2017-04-27 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2017-04-27 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2017-04-27 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2017-04-27 True D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2017-04-27 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2017-04-27 True Taxation Budget deficits and national debt Employment taxes Income tax deductions Income tax rates Inflation and prices Social work, volunteer service, charitable organizations Tax reform and tax simplification Taxation 00 2017-04-27 Introduced in Senate 2017-06-19T15:00:46Z Paying a Fair Share Act of 2017

This bill amends the Internal Revenue Code to require 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 2018.

The bill also 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.

]]> Paying a Fair Share Act of 2017 Display Title Paying a Fair Share Act of 2017 Official Title as Introduced A bill to ensure high-income earners pay a fair share of Federal taxes. Introduced in Senate IS Short Titles as Introduced Paying a Fair Share Act of 2017 Introduced in Senate 2017-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s955is/xml/BILLS-115s955is.xml 2017-04-27 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.