Bloomberg: 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% levy on income above $2 million, effectively raising the top rate on wages to 47% and 33.8% for capital gains.

Van Hollen, in a statement, called it “a simple system to ensure the wealthy are doing their part to invest in strengthening America’s future for everyone.”

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