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

It would create additional tax brackets at the top of the income ladder, fairly taxing the richest Americans. The government's debt problem can't be effectively addressed if half of the problem is deliberately ignored. Rather than wringing dollars from already underfunded social programs, efforts like this should be pursued to demand a fair contribution to the public good from the most fortunate among us.

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Wealth for the Common Good and The Agenda Project launched a letter this week with 15 inaugural millionaire signers to endorse the Fairness in Taxation Act, which would institute new, additional taxes for millionaires and billionaires. The letter supports the bill introduced yesterday by Rep. Jan Schakowsky (D-IL) that would create five new federal income tax brackets with higher tax rates and could raise more than $78 billion per year. http://wealthforcommongood.org/wealth-for-the-common-good-launches-millionaire-sign-on-letter-endorsing-fairness-in-taxation-act/

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All over the country, citizens are demanding to know, "If we can pay our taxes, why can't America's richest and corporate CEOs pay theirs?" The GOP and the mainstream media keep telling us we have a deficit problem because we spend too much money on education, jobs and the poor. The truth is that we have a revenue problem -- one that we can fix by making millionaires and billionaires pay their fair share. Rep. Jan Schakowsky (D-IL) has introduced a powerful bill to make millionaires and billionaires pay their fair share. http://act.truemajorityaction.org/p/dia/action/public/?action_KEY=207

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US Action 3 years ago

Income inequality in the U.S. has reached levels not seen since the Great Depression. The policies that made that possible have also created unprecedented disparities of wealth. Today, the top 10 percent of households owns three-fourths of the country's total wealth, and the top one percent alone owns 34 percent! The Fairness in Taxation Act would generate significant revenue to fund vital public services and infrastructure, while also reducing economic inequality. Currently, the top tax bracket begins with incomes of $373,000 or more. In essence, households with incomes of several hundred thousand dollars are paying the same rates as those with multi-million or multi-billion dollar incomes. The Fairness in Taxation Act would add new tax brackets for income starting at $1 million and ends with a $1 billion bracket. The new brackets would be: $1 - $10 million: 45% $10 - $20 million: 46% $20 - $100 million: 47% $100 million - $1 billion: 48% $1 billion and over: 49% The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million. If enacted in 2011, the Fairness in Taxation Act would raise more than $78 billion. http://www.faireconomy.org/enews/fairness_in_taxation_act_arrives

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On March 16, 2011, Rep. Jan Schakowsky (D-IL) introduced the Fairness in Taxation Act, to create new top income tax brackets for millionaires and billionaires. "The current top tax bracket begins at $373,000 in income and fails to distinguish between the 'well off'and billionaires – like the top 20 hedge fund managers whose average income last year was over $1 billion." The Fairness in Taxation Act enacts new tax brackets for income starting at $1 million and ends with a $1 billion bracket. The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million. If enacted in 2011, the Fairness in Taxation Act would raise more than $78 billion. http://www.coffeepartyusa.com/coffee-break-4.6

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Coffee Party 3 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

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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.

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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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1 year ago

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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