Imposes a 10% surtax on individual taxpayers with modified adjusted gross income exceeding $2 million.

The Millionaires Surtax Act amends the Internal Revenue Code to impose a 10% surtax on individual taxpayers with modified adjusted gross income exceeding $2 million. For taxpayers not filing jointly, the threshold is $1 million. The surtax applies to taxable years beginning after December 31, 2026. Certain exclusions and deductions, such as those related to foreign income and charitable trusts, are considered in calculating the surtax.

Imposes a 10% surtax on individual taxpayers with modified adjusted gross income exceeding $2 million.

The Millionaires Surtax Act amends the Internal Revenue Code to impose a 10% surtax on individual taxpayers with modified adjusted gross income exceeding $2 million. For taxpayers not filing jointly, the threshold is $1 million. The surtax applies to taxable years beginning after December 31, 2026. Certain exclusions and deductions, such as those related to foreign income and charitable trusts, are considered in calculating the surtax.