A group of Democrats on Thursday reintroduced legislation to create a “millionaires surtax” after ProPublica earlier this week published a report detailing the taxes of some of the richest Americans.
The bill would create a 10 percentage point surtax tax for income above $1 million for individuals and $2 million for married couples. The surtax would apply both to wage income and investment income.
“Right now, everyday Americans are shouldering our nation’s tax burdens, while many of the very richest skate by without paying their fair share. This is fundamentally backwards – and creates a growing opportunity gap that is harder and harder for American families to overcome,” Sen. Chris Van HollenChristopher (Chris) Van HollenDemocrats reintroduce bill to create ‘millionaires surtax’ Bass, Van Hollen to reintroduce bill to reform handling of nonviolent 911 calls Democrats to introduce bill to prevent default recurring political donations MORE (D-Md.), an author of the bill, said in a news release. “It’s time to right this wrong.”
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The reintroduction of the legislation comes after ProPublica published a report that found that some U.S. billionaires, such as Jeff BezosJeffrey (Jeff) Preston BezosDemocrats reintroduce bill to create ‘millionaires surtax’ 5 former Treasury secretaries back Biden’s plan to increase tax enforcement on wealthy On The Money: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax MORE and Elon MuskElon Reeve MuskDemocrats reintroduce bill to create ‘millionaires surtax’ 5 former Treasury secretaries back Biden’s plan to increase tax enforcement on wealthy On The Money: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax MORE, had some years where they paid little to no federal income taxes. The report has reignited calls from Democrats to increase taxes on the wealthy.
The bill’s reintroduction also comes as lawmakers are debating how to pay for infrastructure spending. Biden has said that he wants to pay for his spending proposals through higher taxes on corporations and high-income households, but Republicans are opposed to reversing the tax cuts they enacted in 2017.
“Our legislation would require the wealthiest to pay their fair share and help prevent tax avoidance, which has been an enormous problem in enforcing our tax code,” said Rep. Don Beyer (D-Va.), another author of the bill. “It would also benefit working people by providing revenue to help offset the cost of key legislative initiatives, for instance infrastructure investments. This is an idea whose time has come.”
Other sponsors of the bill include Sens. Sherrod BrownSherrod Campbell BrownDemocrats reintroduce bill to create ‘millionaires surtax’ Cryptocurrency industry lobbies Washington for ‘regulatory clarity’ Biden ‘allies’ painting him into a corner MORE (D-Ohio), Amy KlobucharAmy KlobucharDemocrats reintroduce bill to create ‘millionaires surtax’ Senate Democrats befuddled by Joe Manchin Democrats try to pin down Manchin on voting rights MORE (D-Minn.) and Jeff MerkleyJeff MerkleyDemocrats reintroduce bill to create ‘millionaires surtax’ EPA chief emphasizes staffing, environmental justice in Appropriations testimony Senate Democrats befuddled by Joe Manchin MORE (D-Ore.). The bill is also backed by a number of progressive advocacy groups and labor unions.
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