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S 1726 116th Congress Senate 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

Paying a Fair Share Act of 2019

Introduced: June 5, 2019 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 5, 2019
Read twice and referred to the Committee on Finance.
Jun 5, 2019
Introduced in Senate
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 Plain-English summary Congressional Research Service

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 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.

What's happening now June 5, 2019

Read twice and referred to the Committee on Finance.

 Related & companion bills 2
  • S 768 Related bill Bank on Students Emergency Loan Refinancing Act
  • HR 7863 Related bill Paying a Fair Share Act of 2019
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 13
All 13 Democratic 13
D
Baldwin, Tammy
Wisconsin · Jun 5, 2019
 D
Blumenthal, Richard
Connecticut · Jun 5, 2019
 D
Booker, Cory A.
New Jersey · Jun 5, 2019
 D
Duckworth, Tammy
Illinois · Jun 5, 2019
 D
Durbin, Richard J.
Illinois · Jun 5, 2019
 D
Gillibrand, Kirsten E.
New York · Jun 5, 2019
 D
Hirono, Mazie K.
Hawaii · Jun 5, 2019
 D
Klobuchar, Amy
Minnesota · Jun 5, 2019
 D
Markey, Edward J.
Massachusetts · Jun 5, 2019
 D
Merkley, Jeff
Oregon · Jun 5, 2019
 D
Reed, Jack
Rhode Island · Jun 5, 2019
 D
Van Hollen, Chris
Maryland · Jun 5, 2019
 D
Warren, Elizabeth
Massachusetts · Jun 5, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1726: Paying a Fair Share Act of 2019. 116th Congress. Open America. https://openamerica.io/bill/116-S-1726/
MLA
"S. 1726: Paying a Fair Share Act of 2019." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-1726/.
Bluebook (legal)
S. 1726, 116th Cong. (2026), https://openamerica.io/bill/116-S-1726/.
Markdown link
[S. 1726: Paying a Fair Share Act of 2019](https://openamerica.io/bill/116-S-1726/)
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