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HR 1124 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 1124CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to impose increased rates of tax with respect to taxpayers with more than $1,000,000 taxable income, and for other purposes.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

March 16, 2011CommentsClose CommentsPermalink

Ms. SCHAKOWSKY (for herself, Mr. GRIJALVA, Mr. ELLISON, Mr. JACKSON of Illinois, Ms. EDWARDS, Mr. FILNER, Mr. NADLER, Mr. COHEN, Mr. YARMUTH, and Mr. DEFAZIO) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to impose increased rates of tax with respect to taxpayers with more than $1,000,000 taxable income, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Fairness in Taxation Act of 2011’.CommentsClose CommentsPermalink

SEC. 2. INCREASED TAX RATES FOR TAXPAYERS WITH MORE THAN $1,000,000 TAXABLE INCOME.

(a) In General-CommentsClose CommentsPermalink





(1) MARRIED INDIVIDUALS FILING JOINT RETURNS AND SURVIVING SPOUSES- The table contained in subsection (a) of section 1 is amended to read as follows:CommentsClose CommentsPermalink

If taxable income is:CommentsClose CommentsPermalink

The tax is:CommentsClose CommentsPermalink

Not over $69,000CommentsClose CommentsPermalink

15% of taxable income.CommentsClose CommentsPermalink

Over $69,000 but not over $139,350CommentsClose CommentsPermalink

$10,350, plus 28% of the excess over $69,000.CommentsClose CommentsPermalink

Over $139,350 but not over $212,300CommentsClose CommentsPermalink

$30,048, plus 31% of the excess over $139,350.CommentsClose CommentsPermalink

Over $212,300 but not over $379,150CommentsClose CommentsPermalink

$52,662.50, plus 36% of the excess over $212,300.CommentsClose CommentsPermalink

Over $379,150 but not over $1,000,000CommentsClose CommentsPermalink

$112,728.50, plus 39.6% of the excess over $379,150.CommentsClose CommentsPermalink

Over $1,000,000 but not over $10,000,000CommentsClose CommentsPermalink

$358,585.10, plus 45% of the excess over $1,000,000.CommentsClose CommentsPermalink

Over $10,000,000 but not over $20,000,000CommentsClose CommentsPermalink

$4,408,585.10, plus 46% of the excess over $10,000,000.CommentsClose CommentsPermalink

Over $20,000,000 but not over $100,000,000CommentsClose CommentsPermalink

$9,008,585.10, plus 47% of the excess over $20,000,000.CommentsClose CommentsPermalink

Over $100,000,000 but not over $1,000,000,000CommentsClose CommentsPermalink

$46,608,585.10, plus 48% of the excess over $100,000,000.CommentsClose CommentsPermalink

Over $1,000,000,000CommentsClose CommentsPermalink

$478,608,585.10, plus 49% over the excess over $1,000,000,000.CommentsClose CommentsPermalink

(2) HEADS OF HOUSEHOLD- The table contained in subsection (b) of section 1 of such Code is amended to read as follows:CommentsClose CommentsPermalink

If taxable income is:CommentsClose CommentsPermalink

The tax is:CommentsClose CommentsPermalink

Not over $46,250CommentsClose CommentsPermalink

15% of taxable income.CommentsClose CommentsPermalink

Over $46,250 but not over $119,400CommentsClose CommentsPermalink

$6,937.50, plus 28% of the excess over $46,250.CommentsClose CommentsPermalink

Over $119,400 but not over $193,350CommentsClose CommentsPermalink

$27,419.50, plus 31% of the excess over $119,400.CommentsClose CommentsPermalink

Over $193,350 but not over $379,150CommentsClose CommentsPermalink

$50,344, plus 36% of the excess over $193,350.CommentsClose CommentsPermalink

Over $379,150 but not over $1,000,000CommentsClose CommentsPermalink

$117,232, plus 39.6% of the excess over $379,150.CommentsClose CommentsPermalink

Over $1,000,000 but not over $10,000,000CommentsClose CommentsPermalink

$363,088.60, plus 45% of the excess over $1,000,000.CommentsClose CommentsPermalink

Over $10,000,000 but not over $20,000,000CommentsClose CommentsPermalink

$4,413,088.60, plus 46% of the excess over $10,000,000.CommentsClose CommentsPermalink

Over $20,000,000 but not over $100,000,000CommentsClose CommentsPermalink

$9,013,088.60, plus 47% of the excess over $20,000,000.CommentsClose CommentsPermalink

Over $100,000,000 but not over $1,000,000,000CommentsClose CommentsPermalink

$46,613,088.60, plus 48% of the excess over $100,000,000.CommentsClose CommentsPermalink

Over $1,000,000,000CommentsClose CommentsPermalink

$478,613,088.60, plus 49% of the excess over $1,000,000,000.CommentsClose CommentsPermalink

(3) UNMARRIED INDIVIDUALS (OTHER THAN SURVIVING SPOUSES AND HEADS OF HOUSEHOLDS)- The table contained in subsection (c) of section 1 of such Code is amended to read as follows:CommentsClose CommentsPermalink

If taxable income is:CommentsClose CommentsPermalink

The tax is:CommentsClose CommentsPermalink

Not over $34,500CommentsClose CommentsPermalink

15% of taxable income.CommentsClose CommentsPermalink

Over $34,500 but not over $83,600CommentsClose CommentsPermalink

$5,175, plus 28% of the excess over $34,500.CommentsClose CommentsPermalink

Over $83,600 but not over $174,400CommentsClose CommentsPermalink

$18,923, plus 31% of the excess over $83,600.CommentsClose CommentsPermalink

Over $174,400 but not over $379,150CommentsClose CommentsPermalink

$47,071, plus 36% of the excess over $174,400.CommentsClose CommentsPermalink

Over $379,150 but not over $1,000,000CommentsClose CommentsPermalink

$120,781, plus 39.6% of the excess over $379,150.CommentsClose CommentsPermalink

Over $1,000,000 but not over $10,000,000CommentsClose CommentsPermalink

$366,637.60, plus 45% of the excess over $1,000,000.CommentsClose CommentsPermalink

Over $10,000,000 but not over $20,000,000CommentsClose CommentsPermalink

$4,416,637.60, plus 46% of the excess over $10,000,000.CommentsClose CommentsPermalink

Over $20,000,000 but not over $100,000,000CommentsClose CommentsPermalink

$9,016,637.60, plus 47% of the excess over $20,000,000.CommentsClose CommentsPermalink

Over $100,000,000 but not over $1,000,000,000CommentsClose CommentsPermalink

$46,616,637.60, plus 48% of the excess over $100,000,000.CommentsClose CommentsPermalink

Over $1,000,000,000CommentsClose CommentsPermalink

$478,616,637.60, plus 49% of the excess over $1,000,000,000.CommentsClose CommentsPermalink

(4) MARRIED INDIVIDUALS FILING SEPARATE RETURNS- The table contained in subsection (d) of section 1 of such Code is amended to read as follows:CommentsClose CommentsPermalink

If taxable income is:CommentsClose CommentsPermalink

The tax is:CommentsClose CommentsPermalink

Not over $34,500CommentsClose CommentsPermalink

plus 15% of taxable income.CommentsClose CommentsPermalink

Over $34,500 but not over $69,675CommentsClose CommentsPermalink

$5,175, plus 28% of the excess over $34,500.CommentsClose CommentsPermalink

Over $69,675 but not over $106,150CommentsClose CommentsPermalink

$15,024, plus 31% of the excess over $69,675.CommentsClose CommentsPermalink

Over $106,150 but not over $189,575CommentsClose CommentsPermalink

$26,331.25, plus 35% of the excess over $106,150.CommentsClose CommentsPermalink

Over $189,575 but not over $500,000CommentsClose CommentsPermalink

$55,530, plus 39.6% of the excess over $189,575.CommentsClose CommentsPermalink

Over $500,000 but not over $5,000,000CommentsClose CommentsPermalink

$178,458.30, plus 45% of the excess over $500,000.CommentsClose CommentsPermalink

Over $5,000,000 but not over $10,000,000CommentsClose CommentsPermalink

$2,203,458.30, plus 46% of the excess over $5,000,000.CommentsClose CommentsPermalink

Over $10,000,000 but not over $50,000,000CommentsClose CommentsPermalink

$4,503,458.30, plus 47% of the excess over $10,000,000.CommentsClose CommentsPermalink

Over $50,000,000 but not over $500,000,000CommentsClose CommentsPermalink

$23,303,458.30, plus 48% of the excess over $50,000,000.CommentsClose CommentsPermalink

Over $500,000,000CommentsClose CommentsPermalink

$239,303,458.30, plus 49% of the excess over $500,000,000.CommentsClose CommentsPermalink

(b) Recapture of Lower Capital Gains Rates for Individuals Subject to Added Rate Brackets-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 1 of such Code is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(j) Special Rule for Capital Gains in Case of Taxable Income Subject to at Least 45-Percent Rate Bracket- If for the taxable year a taxpayer has taxable income in excess of the minimum dollar amount for the 45-percent rate bracket and has a net capital gain, then--CommentsClose CommentsPermalink





‘(1) the tax imposed by this section for the taxable year with respect to such excess shall be determined without regard to subsection (h), andCommentsClose CommentsPermalink





‘(2) the amount of net capital gain of the taxpayer taken into account for the taxable year under subsection (h) shall be reduced by the lesser of--CommentsClose CommentsPermalink





‘(A) such excess, orCommentsClose CommentsPermalink





‘(B) the net capital gain for the taxable year.CommentsClose CommentsPermalink





Any reduction in net capital gain under the preceding sentence shall be allocated between adjusted net capital gain, unrecaptured 1250 gain, and section 1202 gain in amounts proportionate to the amounts of each such gain.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Paragraph (1) of section 1(h) of such Code is amended by striking ‘If a taxpayer has’ and inserting ‘Except to the extent provided in subsection (j), if a taxpayer has’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2010.CommentsClose CommentsPermalink