Democrats float millionaires surtax in advance of 2020 election

By Laura Davison

With two of the leading Democratic presidential candidates competing to promote sweeping tax hikes on the ultra-wealthy, two other Democrats are advancing a more modest surtax on high incomes that supporters say has a better chance of actually becoming law.

The plan, introduced by Senator Chris Van Hollen of Maryland and Representative Don Beyer of Virginia, would place a 10 percent levy on income above $2 million, effectively raising the top rate on wages to 47 percent and 33.8 percent for capital gains.

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