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Adjusted Gross Income (AGI)

Your gross income (wages, dividends, capital gains, business income, etc.) minus certain deductions, like student loan interest or health savings account contributions. It's a key number used to calculate many tax liabilities.

Tentative Fair Share Tax

An initial amount calculated under this new tax rule, which is 30% of a high-income taxpayer's adjusted gross income after subtracting a modified charitable contribution deduction. Other taxes are then subtracted from this amount to determine the final new tax owed.

Regular Tax Liability

The standard income tax amount an individual or entity owes based on the current tax rates and rules, before considering certain credits or special taxes like the one proposed in this bill.

Payroll Tax

Taxes paid by employees and employers to fund social insurance programs like Social Security and Medicare. This includes taxes like FICA (Federal Insurance Contributions Act) and SECA (Self-Employment Contributions Act).

Modified Charitable Contribution Deduction

A specific calculation for deducting charitable donations under this bill's new tax, which may differ from the standard charitable deduction allowed for regular income tax purposes. It generally requires taxpayers to itemize deductions.

Subchapter A of Chapter 1 of the Internal Revenue Code of 1986