What You Need to Know
- Bill would raise substantial revenue for critical needs from the richest 0.2%, the lawmakers say.
- It would apply equally to wages and salaries as well as to capital gains and other investment income.
- The bill would require the wealthiest to pay their fair share and help prevent tax avoidance, Rep. Beyer said.
Sen. Chris Van Hollen, D-Md., and Rep. Don Beyer, D-Va., reintroduced on Thursday the Millionaires Surtax Act, legislation that would apply an additional 10% tax to incomes above $2 million for married couples or above $1 million for individuals.
The bill — which was first introduced in 2019 — is co-sponsored by Sens. Sherrod Brown, D-Ohio; Amy Klobuchar, D-Minn.; and Jeff Merkley, D-Ore.
It would apply equally to wages and salaries as well as to capital gains and other investment income.
The lawmakers maintain that the bill “would increase federal revenue by $634 billion over 10 years and would only impact the richest 0.2%.”