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POLITICO: Taxing The Top

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Washington, November 7, 2019 | comments
Taxing The Top 

BY BERNIE BECKER - 11/07/2019 

A proposal Sen. Chris Van Hollen (D-Md.) and House Ways and Means member Don Beyer (D-Va.) are expected to unveil this morning would generate an estimated $635 billion in revenue over a decade, according to the Tax Policy Center, by tacking a 10 percentage-point surtax on all income exceeding $1 million for single filers and $2 million for married couples filing jointly. (The surtax wouldn’t be indexed to inflation.)

The levy would apply to a taxpayer’s modified adjusted gross income and be assessed on all income including wages, salaries and investment income, such as from stock dividends and sales. Advocates have posted a web-based calculator that lets you fiddle around with policies to apply the money to, including education, health care and infrastructure.

Polling has long suggested that tax-the-rich policies can be pretty popular, and this latest proposal also has broad support. A recent poll by Hart Research Associates found that 73 percent of voters back a millionaire's surtax, with 76 percent of independents and moderates liking the idea. A majority of Trump voters and Republicans also said they favor the policy, despite the surtax being identified explicitly as a Democratic proposal.

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Tags: Economy