Summary

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. Read More

Status

This bill was introduced on Mar 16, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

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.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Fairness in Taxation Act of 2011''.

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

(a) In General.-- (1) Married individuals filing joint returns and surviving spouses.--The table contained in subsection (a) of section 1 is amended to read as follows:

If taxable income is: The tax is: Not over $69,000............... 15% of taxable income. Over $69,000 but not over $139,350. $10,350, plus 28% of the excess over $69,000. Over $139,350 but not over $212,300. $30,048, plus 31% of the excess over $139,350. Over $212,300 but not over $379,150. $52,662.50, plus 36% of the excess over $212,300. Over $379,150 but not over $1,000,000. $112,728.50, plus 39.6% of the excess over $379,150. Over $1,000,000 but not over $10,000,000. $358,585.10, plus 45% of the excess over $1,000,000. Over $10,000,000 but not over $20,000,000. $4,408,585.10, plus 46% of the excess over $10,000,000. Over $20,000,000 but not over $100,000,000. $9,008,585.10, plus 47% of the excess over $20,000,000. Over $100,000,000 but not over $1,000,000,000. $46,608,585.10, plus 48% of the excess over $100,000,000. Over $1,000,000,000............ $478,608,585.10, plus 49% over the excess over $1,000,000,000. (2) Heads of household.--The table contained in subsection (b) of section...

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State: CA

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District: 1st

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Popularity Trend

Organizations Supporting

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multimillion or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multimillion or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

Jobs with Justice 4 years ago

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multimillion or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multimillion or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

Working America 4 years ago

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multi-million or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. We urge you to support fiscal sustainability and tax fairness by cosponsoring the Fairness in Taxation Act. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

Dear Members of Congress, The undersigned organizations, representing millions of Americans, strongly support fiscal responsibility and tax fairness by supporting H.R. 1124, the Fairness in Taxation Act. This bill, proposed by Rep. Jan Schakowsky (D-IL), would enact additional tax rates for the wealthy as a way to build a strong middle class and preserve important programs like Medicare and Medicaid. We urge you to support and cosponsor H.R. 1124. If enacted for 2011, this plan would raise at least $74.3 billion over the course of a year, more than enough to make progress towards the deficit and invest in our needs. Under current policy, the top tax bracket starts at $379,000 so households with those incomes pay the same rates as those with multi-million or multi-billion dollar incomes. The bill would enact new tax brackets from $1 million to $1 billion. The new tax brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million-$1 billion: 48% More than $1 billion: 49% Our nation is at a crossroads. Will we continue to squeeze working families and the middle class or will we provide security for our families and build a brighter future for our children? During the last 30 years, while incomes have stagnated for middle- and low-income people, wealth has been transferred from the middle class to the rich and income inequality is at its highest since 1928. If we do not restore tax fairness, the income gap will certainly widen and it will be impossible to continue to pay for the important programs that protect our families and build a strong, healthy, vibrant middle class. We urge you to support fiscal sustainability and tax fairness by cosponsoring the Fairness in Taxation Act. http://www.usaction.org/docs/Fairness-in-Taxation-Act.pdf

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Organizations Opposing

Soaking the rich and causing more hardsips for small businesses will do nothing to resolve the economic situation that we find ourselves in. Class warfare is not constitutional and neither are most of the initiatives of the Obama administration. Capping what a corporation can donate to a charity is also a political manuever. The Quit Smoking Cigarettes Organization does not accept stimulus money and will not be directed by the Florida Department of Health.

Users Supporting

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Users Opposing

I oppose H.R. 1124: Fairness in Taxation Act of 2011 because... raising taxes on the rich in order to punish them is stupid and irrational, because in the long run, it hurts wage earners more than the rich. It is an assault on the savings of the rich which leads to less productive expenditure, which leads to less demand for and production of capital goods, which leads to less production and less supply and higher prices. Less productive expenditure also leads to less demand for labor, which leads to more unemployment and lower money wage rates for the average worker. The combination of lower money wage rates and higher prices is lower real wage rates for the average worker.

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Bill Summary

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.

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