This legislation introduces a new federal tax, effective for taxable years beginning after December 31, 2024, designed to ensure high-income earners pay a fair share of taxes. It establishes a "Fair Share Tax" applicable to individuals whose adjusted gross income (AGI) exceeds $1,000,000, a threshold that will be adjusted for inflation. The new tax imposes a 30% tentative rate on the taxpayer's AGI, reduced by a modified charitable contribution deduction . The final tax amount is calculated to ensure that the combined total of regular income tax, alternative minimum tax, and certain payroll taxes meets this 30% threshold on the specified income base, effectively setting a floor on the overall tax rate for the wealthiest taxpayers. The bill also includes a "Sense of the House" statement, advocating for comprehensive tax reform that eliminates loopholes and simplifies the system, viewing this legislation as an interim step to increase revenue and encourage broader changes to the tax code.