The bill would increase the excise tax rate on investment income under section 4968(b)(3) of the Internal Revenue Code from 8 percent to 15 percent. Each year, the Treasury Secretary would transfer to programs under the Carl D. Perkins Career and Technical Education Act an amount equal to the preceding 12 months’ resulting revenue increase; the changes would apply to taxable years beginning more than 12 months after enactment.

FactVote-generated overview; it is not an official CRS summary.