3.0.0 7863 2023-01-11T13:45:47Z 2023-01-11T13:45:47Z House HR 2020-07-30 116 [Congressional Record Volume 166, Number 135 (Thursday, July 30, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CICILLINE:H.R. 7863.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the Constitution of the UnitedStates[Page H4189]]]> hswm00 Ways and Means Committee House Standing hswm05 Tax Subcommittee Referred to 2020-07-30T14:35:45Z Referred to 2020-07-30T13:01:25Z Bank on Students Emergency Loan Refinancing Act 116 1707 HR 2019-03-13 Referred to the Committee on Education and Labor, 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 116 768 S 2019-03-13 Read twice and referred to the Committee on Finance. Related bill CRS Paying a Fair Share Act of 2019 116 1726 S 2019-06-05 Read twice and referred to the Committee on Finance. Related bill CRS 2020-07-30 hswm05 Tax Subcommittee 1 House committee actions Referred to the Subcommittee on Select Revenue Measures. Committee 2020-07-30 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-07-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-07-30 Introduced in House IntroReferral 1000 9 Library of Congress C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 N N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2020-07-30 True L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2020-07-30 True K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2020-07-30 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2020-07-30 True T000483 Rep. Trone, David J. [D-MD-6] David Trone D MD J. 6 2020-10-01 False 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 2020-07-30 Introduced in House 2020-10-23T11:58:06Z 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.

]]> Paying a Fair Share Act of 2019 Display Title Paying a Fair Share Act of 2019 Short Title(s) as Introduced Paying a Fair Share Act of 2019 Introduced in House IH Official Title as Introduced To reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers. Introduced in House IH Introduced in House 2020-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7863ih/xml/BILLS-116hr7863ih.xml 2020-07-30 Referred to the Subcommittee on Select Revenue Measures. 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.