HR 1124

112th CONGRESS
1st Session

H. R. 1124

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.

IN THE HOUSE OF REPRESENTATIVES

March 16, 2011

Ms. SCHAKOWSKY (for herself, Mr. GRIJALVA, Mr. ELLISON, Mr. JACKSON of Illinois, Ms. EDWARDS, Mr. FILNER, Mr. NADLER, Mr. COHEN, Mr. YARMUTH, and Mr. DEFAZIO) introduced the following bill; which was referred to the Committee on Ways and Means


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.

SECTION 1. SHORT TITLE.

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

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.

If taxable income is:

The tax is:

Not over $46,250


15% of taxable income.

Over $46,250 but not over $119,400


$6,937.50, plus 28% of the excess over $46,250.

Over $119,400 but not over $193,350


$27,419.50, plus 31% of the excess over $119,400.

Over $193,350 but not over $379,150


$50,344, plus 36% of the excess over $193,350.

Over $379,150 but not over $1,000,000


$117,232, plus 39.6% of the excess over $379,150.

Over $1,000,000 but not over $10,000,000


$363,088.60, plus 45% of the excess over $1,000,000.

Over $10,000,000 but not over $20,000,000


$4,413,088.60, plus 46% of the excess over $10,000,000.

Over $20,000,000 but not over $100,000,000


$9,013,088.60, plus 47% of the excess over $20,000,000.

Over $100,000,000 but not over $1,000,000,000


$46,613,088.60, plus 48% of the excess over $100,000,000.

Over $1,000,000,000


$478,613,088.60, plus 49% of the excess over $1,000,000,000.

If taxable income is:

The tax is:

Not over $34,500


15% of taxable income.

Over $34,500 but not over $83,600


$5,175, plus 28% of the excess over $34,500.

Over $83,600 but not over $174,400


$18,923, plus 31% of the excess over $83,600.

Over $174,400 but not over $379,150


$47,071, plus 36% of the excess over $174,400.

Over $379,150 but not over $1,000,000


$120,781, plus 39.6% of the excess over $379,150.

Over $1,000,000 but not over $10,000,000


$366,637.60, plus 45% of the excess over $1,000,000.

Over $10,000,000 but not over $20,000,000


$4,416,637.60, plus 46% of the excess over $10,000,000.

Over $20,000,000 but not over $100,000,000


$9,016,637.60, plus 47% of the excess over $20,000,000.

Over $100,000,000 but not over $1,000,000,000


$46,616,637.60, plus 48% of the excess over $100,000,000.

Over $1,000,000,000


$478,616,637.60, plus 49% of the excess over $1,000,000,000.

If taxable income is:

The tax is:

Not over $34,500


plus 15% of taxable income.

Over $34,500 but not over $69,675


$5,175, plus 28% of the excess over $34,500.

Over $69,675 but not over $106,150


$15,024, plus 31% of the excess over $69,675.

Over $106,150 but not over $189,575


$26,331.25, plus 35% of the excess over $106,150.

Over $189,575 but not over $500,000


$55,530, plus 39.6% of the excess over $189,575.

Over $500,000 but not over $5,000,000


$178,458.30, plus 45% of the excess over $500,000.

Over $5,000,000 but not over $10,000,000


$2,203,458.30, plus 46% of the excess over $5,000,000.

Over $10,000,000 but not over $50,000,000


$4,503,458.30, plus 47% of the excess over $10,000,000.

Over $50,000,000 but not over $500,000,000


$23,303,458.30, plus 48% of the excess over $50,000,000.

Over $500,000,000


$239,303,458.30, plus 49% of the excess over $500,000,000.

END