,,ii  #aafth ,,congress  #ast ,session  
,s4 #bhji  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #g1  
#bjai,mr4 ,van ,hollen 7for himself and 
,mr4 ,brown7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to impose a surtax on high    
income individuals4  #a4 ,short title   
,this ,act may be cited as the          
,millionaires ,surtax ,act4  #b4        
,surcharge on high income individuals   
7a7 ,in general ,subchapter ,a of       
chapter #a of the ,internal ,revenue    
,code of #aihf is amended by adding at  
the end the following new part3  ,,viii 
,surcharge on high income individuals   
,sec4 #ei;,b4 ,surcharge on high income 
individuals4  #ei;,b4 ,surcharge on high
 income individuals  7a7 ,general rule  
,in the case of a taxpayer other than a 
corporation1 there is hereby imposed 7in
 addition to any other tax imposed by   
this subtitle7 a tax equal to #aj       

percent of so much of the modified      
adjusted gross income of the taxpayer as
 exceeds #b1jjj1jjj4  7b7 ,taxpayers not
 making a joint return ,in the case of  
any taxpayer other than a taxpayer      
making a joint return under section     
#fjac or a surviving spouse 7as defined 
in section #b7;a771 subsection 7a7 shall
 be applied by substituting #a1jjj1jjj  
for #b1jjj1jjj4  7c7 ,modified adjusted 
gross income ,for purposes of this      
section1 the term modified adjusted     
gross income means adjusted gross income
 reduced by any deduction 7not taken    
into account in determining adjusted    
gross income7 allowed for investment    
interest 7as defined in section         
#afc7;d774 ,in the case of an estate or 
trust1 adjusted gross income shall be   
determined as provided in section       
#fg7;e74  7d7 ,special rules  7#a7      
,nonresident alien ,in the case of a    
nonresident alien individual1 only      
amounts taken into account in connection
 with the tax imposed under section     

#hga7;b7 shall be taken into account    
under this section4  7#b7 ,citizens and 
residents living abroad ,the dollar     
amount in effect under subsection 7a7   
7after the application of subsection    
7b77 shall be decreased by the excess   
of--  7,a7 the amounts excluded from the
 taxpayer's gross income under section  
#iaa1 over  7,b7 the amounts of any     
deductions or exclusions disallowed     
under section #iaa7;d77#f7 with respect 
to the amounts described in subparagraph
 7,a74  7#c7 ,charitable trusts         
,subsection 7a7 shall not apply to a    
trust all the unexpired interests in    
which are devoted to one or more of the 
purposes described in section           
#agj7;c77#b77;,b74  7#d7 ,not treated as
 tax imposed by this chapter for certain
 purposes ,the tax imposed under this   
section shall not be treated as tax     
imposed by this chapter for purposes of 
determining the amount of any credit    
under this chapter or for purposes of   
section #ee4  4  7b7 ,clerical amendment

 ,the table of parts for subchapter ,a  
of chapter #a of the ,internal ,revenue 
,code of #aihf is amended by adding at  
the end the following new item3  ,part  
,,viii--,surcharge on high income       
individuals  4  7c7 ,section #ae not to 
apply ,the amendment made by subsection 
7a7 shall not be treated as a change in 
a rate of tax for purposes of section   
#ae of the ,internal ,revenue ,code of  
#aihf4  7d7 ,effective date ,the        
amendments made by this section shall   
apply to taxable years beginning after  
,december #ca1 #bjai4