“Millionaires Surtax” Considered as Federal Budget Balancer

By Michael Pope

Congressman Don Beyer is a Democrat from Alexandria who says millionaires should be funding a bigger piece of the federal budget. That’s why he’s working with a group of other Democrats in the House on the millionaire’s surtax, a plan that adds a new 10 percentage point tax to incomes of $1 million for individuals or $2 million for couples.

Here’s the congressman explaining it on CNBC. “It’s $635 billion, so it’s only one third of what we’ve given to those folks in the Tax Cut and Jobs Act. So it’s just trying to move in the right direction. It’s also a very small step toward overcoming income and wealth inequality.”

Read more here…