Financial Times: Democrats Propose New Tax on Millionaires

By Michael Rainey

Two Democratic lawmakers unveiled a plan Thursday that would raise taxes on high-income households.

Sen. Chris Van Hollen of Maryland and Rep. Don Beyer of Virginia are proposing a 10-percentage point surtax that would apply to wages and capital gains over $2 million for married couples and $1 million for individuals. That would increase the top income tax rate for those households from 37% to 47% and lift the capital gains rate from 20% to 30%.

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