The bill proposes a new tax, the Fair Share Tax, applying to high-income individuals with an adjusted gross income over $1,000,000. It imposes a tax of up to 30% on the excess income, gradually increasing with income. Additionally, it aims to ensure these taxpayers do not benefit excessively from tax credits and only receive limited deductions. The tax would not be considered for tax credit calculations and is set to take effect after 2024. The bill also emphasizes the need for tax reform to rectify loopholes, simplify the system, and ensure the wealthiest contribute fairly.