By Abby Vesoulis
The wealthiest 1% of Americans hold more wealth than the entire middle class, according to the nonprofit Brookings Institute. It’s a disconcerting statistic that has left many Americans longing for an overhaul of the tax system: In fact, 68% of Americans said making sure the country’s top earners pay their fair tax share was “extremely important,” according to a recent Hart Research Associates poll.
Now, two Democratic lawmakers are posing a solution to narrow this widening wealth gap. Sen. Chris Van Hollen and Rep. Don Beyer will unveil “major new tax legislation” called a “Millionaires Surtax” on Thursday. The bill would add an additional 10% tax on top of existing tax rates for families whose incomes exceed $2 million per year for married couples filing jointly, and $1 million for single filers. The Tax Policy Center estimates the legislation, if enacted, would raise $635 billion over a decade.