America needs to create an economy that works for all of us. A good place to start is a Millionaires Surtax, so the wealthy can begin to pay their fair share of taxes.
Sen. Chris Van Hollen (MD) and Rep. Don Beyer (VA) have introduced legislation that provides an excellent start in ensuring the richest Americans pay their fair share: the Millionaires Surtax (S. 2028 / H.R. 3805) These identical bills would help address the growing gap in wealth between the rich and everyone else. And it would raise more than $600 billion that could be used to protect our families and invest in our communities.
Here are top four reasons we need a Millionaires Surtax:
- The Millionaire’s Surtax would raise a lot of money—$635 billion over 10 years. [Tax Policy Center]
This revenue could help protect Social Security, Medicare and Medicaid, and make new investments in healthcare, education, housing, childcare, infrastructure and clean renewable energy.
- The Millionaires Surtax will be paid by a small slice of the richest 1% of Americans. They have more wealth than the bottom 80% of Americans. 98.8% of us would not pay an extra dime. That’s because the Millionaires Surtax would only apply to income above $2 million a year for married couples and above $1 million for individuals.
- The millionaires who will pay the surtax got huge tax breaks from the Trump tax cuts passed in 2017. It’s time to stop giving the rich handouts and ask them to pay their fair share.
- The public overwhelmingly supports a Millionaires Surtax. [Hart Research poll]
- More than 3 out of 4 voters (73%) support the Millionaires Surtax.
- 76% of independents and 76% of moderates support the Millionaires Surtax.
- Even most Trump voters (57%) and Republicans (53%) favor it.