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119th Congress Taxation

H.R. 609: Assuring Medicare’s Promise Act of 2025

Introduced

  1. Introduced (completed)Jan 22, 2025
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Jan 22, 2025

This bill increases the net investment tax for certain taxpayers and appropriates revenue from the net investment tax to the Federal Hospital Insurance Trust Fund (which finances Medicare Part A). The bill also requires the Internal Revenue Service (IRS) to issue additional guidance on the net investment tax.

The bill requires individuals with a modified adjusted gross income (MAGI) exceeding $400,000 ($500,000 for joint filers and $250,000 for married individuals filing separately), estates, and trusts to pay a tax of 3.8% on the greater of their specified net income or net investment income, subject to limitations. (Under current law, individuals with a MAGI exceeding $200,000 [or $250,000 for joint filers], estates, and trusts pay a 3.8% tax on net investment income.)

The bill defines specified net income by expanding the definition of net investment income to

Read the full summary
  • include gross income from any trade or business (unless subject to employment taxes), including interest, dividends, annuities, royalties, and rents;
  • include net gain from the disposition of business property;
  • eliminate the exclusion of income from the investment of working capital; and
  • eliminate the exception related to certain active partnership or S corporation interests.

The bill also

  • expands the net investment tax definition of a trade or business,
  • disallows net operating losses in calculating net investment income,
  • includes certain foreign-sourced income in net investment income, and
  • requires the IRS to issue guidance on the treatment of certain corporate distributions for purposes of the net investment tax.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

57

Who scored on this bill

12 points earned
  1. 1Lloyd Doggett D-TX SponsorReached a cosponsor milestone, introduced3 events+12
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Introductions and cosponsorships count toward weekly caps and show no points.

History

  1. Jan 22, 2025Introduced in the House by Lloyd Doggett.
Show the full action history (2 actions)
  1. Jan 22, 2025Introduced in House
  2. Jan 22, 2025Referred to the House Committee on Ways and Means.