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John,
According to Business Insider, “One proposal to tax multimillionaires has fallen out of the spending bill.”[1]
The Millionaires Surcharge, which is supported by 73% of voters, including over half of Republicans, appears to be on the chopping block, even after House Democrats passed this provision in the revenue and investment package late last year.[2]
As negotiations heat up in the Senate, we’re fighting to keep the Millionaires Surcharge in the legislation. It would add an additional tax on the incomes of the top 0.02% of wage earners―raising $230 billion in revenue over 10 years.[3]
Rush a donation today to demand Senate Democrats include the Millionaires Surcharge in the tax and investment plan that only has until September 30th to pass with 50 votes.
At a time when the wealth of millionaires and billionaires is growing exponentially, it’s time to unrig our tax code to invest in our communities and our future.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Senate Democrats are edging closer to a deal with Manchin to resurrect Biden's economic agenda. They'll face Sinema next.,” Business Insider, July 2, 2022
[2] “Millionaires Surtax: A Winning Issue for 2020,” https://surtax.org/, Nov. 7, 2019
[3] “U.S. Senate Must Preserve Millionaires Surcharge in House-Passed Build Back Better Plan,” Americans for Tax Fairness, June 1, 2022
-- Maura's email --
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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