Rep. Don Beyer (D-Va.) and Sen. Chris Van Hollen (D-Md.) on Thursday rolled out a proposal for a “millionaires surtax,” amid a growing interest from Democrats in increasing taxes on the wealthy.
“This is a bill designed to address two major problems of public policy: the lack of revenue, and inequality,” Beyer said on a call with reporters. “It’s a laser-focused solution that requires those who benefited the most from the economy to contribute in a way they simply haven’t been asked to before.”
The lawmakers’ bill, which is being co-sponsored by Sen. Sherrod Brown (D-Ohio), would create a 10 percentage point surtax on all income above $2 million for married couples and $1 million for single tax filers.
The surtax would result in the top tax rate on income from wages and salaries increasing from 37 percent to 47 percent, plus a 3.8 percent Medicare surtax. It would result in the top rate on capital gains increasing from 20 percent to 30 percent, plus a 3.8 percent net investment tax.