Vote Smart's Synopsis:

Vote to pass a bill that increases income taxes for people who earn more than $1 million.

Highlights:

• Establishes the following taxes (Sec. 1):

• An additional 1 percent tax on adjusted incomes of $1 million to $2 million;

• An additional 3 percent tax on adjusted incomes of $2 million to $5 million; and

• An additional 3.5 percent tax on adjusted incomes of more than $5 million.

• Establishes that this bill takes effect immediately upon passage as a tax levy (Sec. 2).

Full Bill Text