Press Releases

Today, on Tax Day, U.S. Representative Don Beyer (D-Va.) and U.S. Senator Chris Van Hollen (D-Md.) reintroduced their Millionaires Surtax Act, legislation to address the growing income inequality gap between wealthy and working Americans and raise significant revenue to support everyday families and grow our economy.

This surtax would implement an additional 10-point tax to incomes above $2 million for married couples or above $1 million for individuals – applying equally to wages and salaries as well as to capital gains and other investment income. This is a simple, straightforward reform that avoids common loopholes that the wealthy often try to exploit to game the tax code. The nonpartisan Yale Budget Lab estimates that this proposal would raise $1.5 trillion over the next 10 years. This legislation is endorsed by a wide array of over 40 economic, labor, and nonprofit organizations.

A similar millionaire surtax framework is also a core component of Senator Van Hollen and Representative Beyer’s Working Americans’ Tax Cut Act, which fully offsets the cost of providing tax relief for millions of Americans who are struggling to afford the cost of living.

“The Millionaires Surtax is an urgently needed plan to restore fairness to the tax code, fight accelerating inequality, and fund important priorities for the American people,” said Congressman Beyer. “The Republican tax cuts in the first and now the second Trump term, as we feared, have led to enormous benefits for the wealthy. The unprecedented accumulation of wealth within a tiny class of people has distorted our politics, harmed the economy, and left unchecked, will eventually tear the country apart. Our legislation would help stop this trend by requiring the wealthiest to start paying their fair share. It would also benefit working people by providing revenue to help offset the cost of necessary investments in education, healthcare, childcare, and infrastructure.”  

“Our federal tax code is stacked in favor of the wealthy, especially those who make their money off of money – while disfavoring working Americans who are living paycheck-to-paycheck. I’m fighting for a fairer system that ensures those who are stretching to make ends meet can keep more of what they earn, while asking the well-off to pitch in more. Our millionaires’ surtax proposal is a simple way to raise new revenue that can be used to promote greater opportunity and shared prosperity for all,” said Senator Van Hollen.

This concept earns broad support from voters across the political spectrum. A recent poll of likely 2026 voters in battleground districts found that 58 percent supported a millionaires surtax. Additionally, a survey from early 2026 found that over seven in ten midterm voters are in favor of increasing taxes on the wealthiest individuals, including over half of those who voted for Donald Trump in 2024. 

The Millionaires Surtax Act would:

• Raise substantial revenue for critical needs from the richest 1 percent. The nonpartisan Yale Budget Lab estimates the surtax would raise $1.5 trillion over 10 years, even though it would be paid by only the nation’s richest 1 percent of taxpayers. The surtax does not raise taxes for 99 percent of taxpayers.

• 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 effectively 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.

Text of the bill can be viewed here.

This bill has been endorsed by: 198 Methods, Activist Evenings Indivisible, American Federation of Teachers (AFT), Alliance to Reclaim Our Schools, Americans for Democratic Action (ADA), Americans for Financial Reform, Americans For Tax Fairness, Caring Across Generations, Citizen Action/Illinois, Coalition on Human Needs, Community Change Action, Demos, Families Over Billionaires, Family Values @ Work Action, Freedom Writers Collaborative, Friends of the Earth Action, Groundwork Action, Income Movement, Institute for Policy Studies - Inequality Program, Institute for Policy Studies-Program on Inequality, May Day Strong, National Health Care for the Homeless Council, National Organization for Women, Oxfam, Oxfam America, Patriotic Millionaires, People's Action Institute, Popular Democracy, Popular Democracy in Action, Progressive Democrats of America, Public Citizen, Rights & Democracy NH, Rights & Democracy Vermont, Safer Country, Safety Net Project at the Urban Justice Center, State Revenue Alliance, Strong Economy For All Coalition, Take On Wall Street, Tax the Greedy Billionaires, Unitarian Universalists for Social Justice, United for a New Economy, United for Respect, and Voices for Progress.

“While millionaires and billionaires have more wealth than ever before, workers and families are being asked to go without health care, food, and more, all to maintain a tax system that favors the wealthy at everyone else’s expense,” said David Kass, Executive Director of Americans for Tax Fairness. “The only way we will be able to tackle the affordability crisis is to stop giving away trillions of dollars on tax cuts for the rich, and raise the revenue necessary to make key investments to bring down costs. We enthusiastically support Senator Van Hollen and Rep. Beyer for their leadership in introducing the Millionaires Surtax Act to adjust our tax code to make the wealthy pay their fair share.”

“Having run the successful ballot initiative for the millionaire’s surtax in Massachusetts, I can tell you this policy is a no brainer. The Millionaires Surtax is a clear, straightforward way to restore fairness to our tax system by making sure billionaires finally pay their fair share,” said Kristen Crowell, Executive Director of Families Over Billionaires. “It’s a proven approach that’s already delivering real results in Massachusetts — raising billions that are going straight into schools, transportation, and the things that make life more affordable, with no wealth flight or negative impact on the economy. This bill is what fairness looks like, and it’s long overdue.”

“Congressman Don Beyer and Senator Chris Van Hollen are answering the call of the 77 percent of Americans urging policymakers to rein in concentrated wealth and shift economic and political power to working families,” said Igor Volsky, Campaign Director for Tax the Greedy Billionaires. “The millionaire surtax is essential for chipping away at the extreme wealth that enables a small cohort of very wealthy individuals to manipulate our economy and democracy for their own benefit.”