The Millionaires Surtax Act imposes a 10% tax on income exceeding $2 million for individuals and $1 million for others.

The Millionaires Surtax Act amends the Internal Revenue Code to impose a 10% tax on modified adjusted gross income exceeding $2 million for individuals and $1 million for others. This surtax applies to taxable years beginning after December 31, 2026. The modified adjusted gross income is defined as adjusted gross income reduced by any investment interest deduction. Special rules apply for nonresident aliens, citizens and residents living abroad, and charitable trusts.

The Millionaires Surtax Act imposes a 10% tax on income exceeding $2 million for individuals and $1 million for others.

The Millionaires Surtax Act amends the Internal Revenue Code to impose a 10% tax on modified adjusted gross income exceeding $2 million for individuals and $1 million for others. This surtax applies to taxable years beginning after December 31, 2026. The modified adjusted gross income is defined as adjusted gross income reduced by any investment interest deduction. Special rules apply for nonresident aliens, citizens and residents living abroad, and charitable trusts.