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John,
One of the most critical aspects of President Biden’s revenue and investment plan, which passed the House of Representatives last November, is that it finally makes the ultra-wealthy start paying more of their fair share in taxes.
That measure is now under consideration in the Senate where negotiations are heating up. New reporting suggests that the Millionaires Surcharge―which taxes the incomes of the richest 0.02%―could be on the chopping block:
This provision would apply an additional 5% tax on incomes over $10 million and an extra 3% on incomes over $25 million. The bottom 99.98% of households wouldn’t pay a dime more in taxes.[1]
The Millionaires Surcharge would raise approximately $230 billion over 10 years―money that could be used to lower the cost of healthcare for millions of working people and families, or address the urgent climate crisis.
The Millionaires Surcharge is similar to the Millionaires Surtax, originally proposed by Americans for Tax Fairness and our allies Sen. Chris Van Hollen (D-MD) and Rep. Don Beyer (D-VA) in 2019.[2]
Taxing the wealthy is not only popular, it's vital to beginning the process of fixing our broken tax code. We can’t allow Senate negotiators to cut a key source of revenue that makes the wealthy start paying their fair share.
Rush a contribution today to fight for the Millionaires Surcharge in the revenue and investment package being negotiated in the Senate right now! Democrats only need 50 votes to pass this plan and we need every single Democratic senator on board!
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
We have a critical opportunity to start unrigging our tax code. Let’s demand the Senate act!
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] “U.S. Senate Must Preserve Millionaires Surcharge in House-Passed Build Back Better Plan,” Americans for Tax Fairness, June 1, 2022
[2] Millionaires Surtax website, https://surtax.org/
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