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Tell Congress:
“Pass the Millionaires Surtax that will create an additional 10 percentage-point tax on all household income over $2 million and individual income over $1 million.”
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Friend,
As millions of working families across the United States continue to struggle to make ends meet, the wealthy have never had it so good. In fact, the richest 1% of American households have essentially doubled their share of national income since the late 1970s. The Trump tax cut, which was tailor-made to make the richest people in this country even richer, further accelerated the massive inequality we face as a nation.
It’s time millionaires and billionaires start paying their fair share.
Join the EPI Policy Center and our allies and become a grassroots co-signer of the Millionaires Surtax today!
Millionaires and billionaires must start paying their fair share in taxes to reduce income inequality and fund essential programs that will level the playing field for America’s working families.
The Millionaires Surtax, introduced by Senators Chris Van Hollen and Sherrod Brown (S. 2809) and by Representatives Don Beyer and Jan Schakowsky (H.R. 5043), is a great start. This legislation would impose an additional 10% tax on all household income over $2 million―both wages and capital income―or on individual income over $1 million.
Only the richest 0.2% of individuals will pay more in taxes. The rest of us—the other 99.8%—won’t pay a dime more.
How much would a Millionaires Surtax raise? EPI estimates that the Millionaires Surtax would raise roughly $75 billion in its first year, if implemented in 2020 and would raise $850 billion over ten years.
There is no shortage of ways we could deploy this much-needed revenue to improve the lives of working families throughout the United States. These dramatically needed funds, for example, could cover the cost of providing universal, high-quality prekindergarten for all 3- and 4-year-olds in the United States, plus provide substantial resources for high-quality childcare for children up to 2 years old.
When millionaires and billionaires start paying their fair share, we can invest in critical services and lift up working families. Become a grassroots co-signer of the Millionaires Surtax today.
Together, let’s demand Congress pass the Millionaires Surtax, helping to reduce income inequality and provide essential funds to strengthen our economy for working people.
In solidarity,
Josh Bivens
Director of Research, EPI Policy Center
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