Fox Business: Democrats roll out proposed tax on rich, the ‘millionaires surtax’

By Brittany De Lea

A push to raise taxes on the wealthy among Democrats — in a bid to reduce inequality — progressed on Thursday as lawmakers on Capitol Hill unveiled a proposal for additional tax on the wealthy.

Democrats Rep. Don Beyer, of Virginia, and Sen. Chris Van Hollen, of Maryland, announced the “millionaires surtax,” which would impose an additional 10-percentage point tax on incomes above $2 million for married couples, and $1 million for individuals. It would apply to wages, salaries, capital gains and other investment income, but not the wealth of a million dollars.

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