A proposal Sen. Chris Van Hollen (D-Md.) and House Ways and Means member Don Beyer (D-Va.) are expected to unveil this morning would generate an estimated $635 billion in revenue over a decade, according to the Tax Policy Center, by tacking a 10 percentage-point surtax on all income exceeding $1 million for single filers and $2 million for married couples filing jointly. (The surtax wouldn’t be indexed to inflation.)
The levy would apply to a taxpayer’s modified adjusted gross income and be assessed on all income including wages, salaries and investment income, such as from stock dividends and sales. Advocates have posted a web-based calculator that lets you fiddle around with policies to apply the money to, including education, health care and infrastructure.