Paying a Fair Share Act of 2025

S 1243 (Paying a Fair Share Act of 2025) would impose an additional tax on high-income individuals, specifically those with adjusted gross income exceeding $1 million annually (adjusted for inflation), effective for taxable years after 2024. The tax equals 30% of income above the $1 million threshold, after accounting for certain deductions like charitable contributions and other existing taxes. This provision directly affects individuals earning over $1 million per year, with the income threshold automatically rising with inflation each year. The bill does not apply to corporations or estates/trusts under the defined rules.