This legislative proposal, known as the "Millionaires Surtax Act," aims to establish a new surtax on high-income individuals by amending the Internal Revenue Code of 1986. The bill introduces a 10 percent additional tax on a taxpayer's modified adjusted gross income that surpasses specific thresholds. For individuals filing a joint return, the surtax applies to income exceeding $2,000,000 , while for all other taxpayers, the threshold is set at $1,000,000 . The term "modified adjusted gross income" is defined as adjusted gross income reduced by any deduction for investment interest. The bill includes special rules for nonresident aliens, citizens and residents living abroad, and exempts charitable trusts from this surtax. Importantly, this new tax will not be considered for the calculation of other tax credits or for purposes of the alternative minimum tax. The amendments are slated to take effect for taxable years beginning after December 31, 2026.