VANJUNE10,2021HOLLEN, BEYER REINTRODUCE MILLIONAIRES SURTAX TO INVEST IN WORKING FAMILIES Proposal Has Broad Support from American Public & a Wide Range of Advocacy, Economic, Labor, and Nonprofit Organizations Today, U.S. Senator Chris Van Hollen (D-Md.) and Congressman Don Beyer (D-Va.) reintroduced their Millionaires Surtax legislation to help close the gap between the wealthy and everyday Americans and raise significant revenue to make new investments that will grow the economy and protect working families. The Millionaires Surtax would apply an additional 10-percentage point tax to incomes above $ 2 million for married couples or above $1 million for individuals. It would apply equally to wages and salaries as well as to capital gains and other investment income. The bill, which is co -sponsored by Senators Sherrod Brown (D- Ohio), Amy Klobuchar (D -Minn.) and Jeff Merkley (D-Ore.), would increase federal revenue by $634 billion over 10 years and would only impact the richest 0.2 percent. It is a practical, mainstream approach to raising significant revenue that doesn’t require a major new tax overhaul – and avoids some of the common loopholes that the wealthy often try to exploit in order to game the system. “Right now, everyday Americans are shouldering our nation’s tax burdens, while many of the very richest skate by without paying their fair share. This is fundamentally backwards – and creates a growing opportunity gap that is harder and harder for American families to overcome. It’s time to right this wrong. The Millionaires Surtax is one step we can take to invest in policies that bring prosperity and opportunity to all Americans,” said Senator Van Hollen.“The Millionaires Surtax is a sensible plan to restore fairness to the tax code, fight rising inequality, and fund important priorities for the American people,” said Congressman Beyer. “The Republican tax cuts, as we feared, led to enormous benefits for the wealthy. Our legislation would require the wealthiest to pay their fair share and help prevent tax avoidance, which has been an enormous problem in enforcing our tax code. It would also benefit working people by providing revenue to help offset the cost of key legislative initiatives, for instance infrastructure investments. This is an idea whose time has come.” “There’s no reason why the richest people in the country should be paying less in taxes than the workers that they employ. Period,” said Senator Brown. “Corporate greed is fundamental to the Wall Street business model and until we change that, the richest people in the country are going to continue exploiting loopholes so they don’t have to pay their fair share.” According to polling by Hart Research Associates, the proposal has overwhelming support – 73 percent support a Millionaires Surtax, with 76 percent support from independents and moderates. Even a majority of Trump voters (57 percent) and Republicans (53 percent) favor the policy. The Millionaires Surtax legislation is supported by over 70 organizations, including: 20/20 Vision; Action Center on Race and the Economy; AFL- CIO; Alliance for Retired Americans; American Family Voices; American Federation of Government Employees (AFGE); American Federation of State, County and Municipal Employees (AFSCME); American Federation of Teachers, AFL-CIO; American Sustainable Business Council; Americans for Democratic Action (ADA); Americans for Tax Fairness; Bend the Arc Jewish Action; Blue Future; Campaign for America’s Future; Center for Popular Democracy; Center for Public Interest Law; Children’s Advocacy Institute; Coalition on Human Needs; Communications Workers of America (CWA); Congregation of Our Lady of Charity of the Good Shepherd, U.S. Provinces; CREDO Action; Daily Kos; Democracy Initiative; Demos; EPI Policy Center; Faith Action Network; First Focus Campaign for Children; Franciscan Action Network; Friends Committee on National Legislation; Friends of the Earth; Health Care for America Now; Indivisible; Institute for Policy Studies – Program on Inequality and the Common Good; International Association of Machinists & Aerospace Workers; International Brotherhood of Teamsters; International Federation of Professional and Technical Engineers (IFPTE); International Union, United Automobile Aerospace and Agricultural Workers of America (UAW); Jobs With Justice; Main Street Alliance; MomsRising; Movement Voter Project; MoveOn.org; National Advocacy Center of the Sisters of the Good Shepherd; National Association for Hispanic Elderly; National Council of Churches; National Disability Rights Network; National Domestic Workers Alliance; National Education Association; National Health Care for the Homeless Council; National Latino Farmers & Ranchers Trade Association; National Organization for Women; National Women’s Health Network; NETWORK Lobby for Catholic Social; JusticeOther98; Our Revolution; Patriotic Millionaires; People For the American Way; People’s Action; Progressive Democrats of America; Public Citizen; Responsible Wealth; RESULTS; RootsAction.org; Service Employees International Union; Strong Economy For All Coalition; Take on WallStreet; Tax March; United for a Fair Economy; United Steelworkers (USW);Voices for Progress; Working America; and Working Families Party.A letter of support signed by these organizations can be found here.The Millionaires Surtax legislation would: •Raise substantial revenue for critical needs from the richest 0.2 percent. The nonpartisan Tax Policy Center estimates the surtax would raise $634 billion over 10 years, even though it would be paid by only the nation’s richest 0.2 percent of taxpayers. The surtax does not raise taxes for 99.8 percent of taxpayers. That $ 634 billion could be used to make new investments in healthcare, education, housing, childcare, infrastructure, and clean renewable energy, as well as protect Social Security, Medicare,•and Medicaid. Apply to all forms of income over $2 million, both from work and wealth. It applies to salaries, wages, and private business profits currently taxed at a 37 percent rate; and returns on all investments, such as long-term capital gains and dividends, currently taxed at 20 percent. This universal application is key to successfully taxing the rich, who derive most of their•income from wealth rather than work. Help close the wealth gap. The Millionaires Surtax would begin to address the nation’s widening wealth and income gaps that destabilize our economy and threaten our democracy. The United States is one of the most economically unequal nations in the developed world, with income and wealth gaps not seen here in almost 100 years.“The Millionaires Surtax is very important legislation. It will ensure that the very wealthy start paying their fair share of taxes. It will generate a lot of revenue needed to support investments in affordable healthcare, infrastructure, eldercare, childcare, clean energy, and education. This will create millions of jobs and build an economy that works for all of us. And polling shows that the public strongly supports it,” said Frank Clemente, Executive Director, Americans for Tax Fairness. “It's become increasingly clear that the wealthiest people in America are extremely good at dodging taxes. If we want to fix that, any plan to tax rich Americans like me needs to be relatively easy to enact and hard to avoid. The Millionaires Surtax hits both targets. It's laser-focused on only the richest Americans, it's easy to understand, explain, and implement, and it would go a long way towards making the wealthiest Americans finally pay their fair share,” said Morris Pearl, Chair of the Patriotic Millionaires.      72 NATIONAL ORGANIZATIONS SUPPORT MILLIONAIRES SURTAX LEGISLATION BY SEN. CHRIS VAN HOLLEN & REP. DON BEYER  June 10, 2021  The Honorable Chris Van HollenU.S. Senate110 Hart Senate Office BuildingWashington, D.C. 20510  The Honorable Don BeyerU.S. House of Representatives 1119 Longworth House Office BuildingWashington, D.C. 20515   Dear Senator Van Hollen and Representative Beyer: We write to strongly endorse the Millionaires Surtax legislation you will soon introduce in each chamber of Congress. The Millionaires Surtax would take a major step towards the kind of comprehensive and progressive tax reform America needs to narrow the nation’s troubling income and wealth gaps and raise significant revenue that can help create an economy that works for all of us, not just the wealthy few. Your legislation will raise about $635 billion over the next 10 years, according to the Tax Policy Center (TPC), money that can be used to improve the lives of working families and children. In addition to putting our nation on a sounder financial footing, this revenue could protect and strengthen Social Security, Medicare, and Medicaid and make investments in healthcare, education, infrastructure, affordable childcare and housing, nutrition assistance and renewable energy. The Millionaires Surtax would add a 10-percentage point tax on income above $2 million for married couples filing jointly and $1 million for individual tax filers. The surtax would be added to the current top tax rates paid by the wealthy. It would apply to all forms of income: wages and salaries and income from wealth in the form of capital gains and dividends, which are taxed at a much lower rate than wage income. So, a rich CEO on Wall Street would pay a 10-percentage point higher tax rate both on his sky-high salary and on his income from a bulging stock portfolio. The Millionaires Surtax would be strictly focused on the very wealthy. According to the TPC analysis, only 0.2% of taxpayers would owe the surtax, or just 329,000 tax filers in 2020. The remaining 99.8% of tax filers would not pay an extra dime.     A project of Americans for Tax Fairness, Institute for Policy Studies & Patriotic Millionaires   The surtax is strongly favored by the public. An October 2019 poll by Hart Research Associates of likely 2020 voters found the surtax was favored by 73% of 1,001 likely 2020 voters polled, with just 27% opposed. Independents supported the surtax at 76% and Republicans at 53%. The surtax is a relatively moderate proposal that can raise substantial revenue. It will be easy to implement, enforce and explain to the public. That’s because it is added onto the federal tax system’s existing rate structure. It does not require a major overhaul of the tax system or the creation of a major new tax. The surtax is difficult for the very wealthy to avoid since it applies equally to all forms of income. Congress has some history with surtax legislation. In 2009, the House of Representatives voted to include a 5.4 percent surtax on married couples making at least $1 million (and singles making $500,000), as a financing mechanism in the Affordable Care Act. In 2011, the Senate proposed a 5.6 percent surtax above $1 million for married couples as part of a stimulus bill. We thank you for introducing the Millionaires Surtax legislation and look forward to working with you to make it law. Sincerely, 20/20 VisionAction Center on Race and the EconomyAFL-CIOAlliance for Retired AmericansAmerican Family VoicesAmerican Federation of Government Employees (AFGE)American Federation of State, County and Municipal Employees (AFSCME)American Federation of Teachers, AFL-CIOAmerican Sustainable Business CouncilAmericans for Democratic Action (ADA)Americans for Tax FairnessBend the Arc Jewish ActionBlue FutureCampaign for America’s FutureCenter for Popular DemocracyCenter for Public Interest LawChildren's Advocacy InstituteCoalition on Human NeedsCommunications Workers of America (CWA)Congregation of Our Lady of Charity of the Good Shepherd, U.S. ProvincesCREDO ActionDaily KosDemocracy Initiative DemosEPI Policy CenterFaith Action Network First Focus Campaign for ChildrenFranciscan Action NetworkFriends Committee on National LegislationFriends of the EarthHealth Care for America NowIndivisible Institute for Policy Studies – Program on Inequality and the Common Good International Association of Machinists & Aerospace Workers International Brotherhood of Teamsters International Federation of Professional and Technical Engineers (IFPTE) International Union, United Automobile Aerospace and Agricultural Workers of America (UAW)Jobs With JusticeMain Street AllianceMomsRisingMovement Voter Project MoveOn.org National Advocacy Center of the Sisters of the Good Shepherd National Association for Hispanic Elderly National Council of Churches National Disability Rights NetworkNational Domestic Workers AllianceNational Education Association National Health Care for the Homeless Council National Latino Farmers & Ranchers Trade Association National Organization for Women National Women’s Health NetworkNETWORK Lobby for Catholic Social JusticeOther98Our RevolutionPatriotic MillionairesPeople For the American WayPeople’s ActionProgressive Democrats of AmericaPublic CitizenResponsible WealthRESULTSRootsAction.orgService Employees International UnionStrong Economy For All CoalitionTake on Wall StreetTax MarchUnited for a Fair EconomyUnited Steelworkers (USW) Voices for ProgressWorking AmericaWorking Families Party

Van Hollen, Beyer Reintroduce Millionaire Surtax Bill

U.S. Senate

U.S. House of Representatives

The Millionaires Surtax Act would improve tax fairness, reduce inequality, and raise revenue by imposing a 10 percent surtax on individuals earning at least $1 million per year, Sen. Chris Van Hollen, D-Md., and House Ways and Means Committee member Donald S. Beyer Jr., D-Va., said in a June 10 release on the bill’s reintroduction.

<p>The Millionaires Surtax Act would improve tax fairness, reduce inequality, and raise revenue by imposing a 10 percent surtax on individuals earning at least $1 million per year, Sen. Chris Van Hollen, D-Md., and House Ways and Means Committee member Donald S. Beyer Jr., D-Va., said in a June 10 release on the bill’s reintroduction.</p>

<p>The <a href="/lr/resolve//76lkd">Millionaires Surtax Act</a> would improve tax fairness, reduce inequality, and raise revenue by imposing a 10 percent surtax on individuals earning at least $1 million per year, Sen. Chris Van Hollen, D-Md., and House Ways and Means Committee member Donald S. Beyer Jr., D-Va., said in a June 10 release on the bill’s reintroduction.</p>