The bill introduces a surcharge on high-income individuals, imposing a 10% tax on modified adjusted gross income over $2,000,000 for taxpayers other than corporations, with a $1,000,000 threshold for single filers. The modified adjusted gross income is determined by reducing adjusted gross income by certain deductions. There are special rules for nonresident aliens, citizens and residents living abroad, and charitable trusts. The surcharge is not considered tax imposed by this chapter for certain purposes. The bill also amends the Internal Revenue Code and specifies that the amendments will apply to taxable years beginning after December 31, 2026.