Congress proposes 10% surtax on millionaires to fund public revenue
H.R. 8294 — Millionaires Surtax Act · Filed by Donald Beyer (D-VA) · 9 cosponsors · Introduced Apr 15, 2026 · Referred to committee
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What it does
This bill imposes a new 10% surtax on individual income exceeding $2 million per year ($1 million for single filers), effective for tax years beginning after December 31, 2026. The surtax applies only to individuals, not corporations, and includes carve-outs for charitable trusts, nonresident aliens, and U.S. citizens living abroad. High-income earners pay more in federal income tax; the government collects additional revenue.
Why we flagged it
The bill's sole operative mechanism is a new progressive surtax on high earners. It is straightforward tax policy with no hidden riders or carve-outs—a direct revenue measure targeting the top income bracket.
What the text implies
- The surtax does not apply to investment interest deductions, potentially allowing high-income earners to reduce taxable income through debt-financed investments.
- Charitable trusts are explicitly exempted, meaning high-net-worth individuals using charitable vehicles may avoid the surtax on trust income.
The full analysis lists 4 implications of this text.
Who stands to gain
U.S. federal government (revenue collection)