Thursday, Oct. 28 — U.S. Representative Don Beyer’s office today noted that the Congressman has applauded the inclusion of their millionaires surtax within the Build Back Better Framework currently being hammered out in the U.S. Congress. Beyer initially introduced this concept in their Millionaires Surtax Act in November 2019 and reintroduced this legislation in June of this year. This provision had already received broad support, having been included in the House Ways and Means Committee’s reconciliation legislation passed by the Committee in September.
“The millionaires surtax we proposed will restore fairness to the tax code and help pay for investments that improve Americans’ lives. Millionaires and billionaires largely prospered during the pandemic, seeing a huge explosion of wealth while the rest of the country endured a recession, and it’s time that they paid their fair share of the tax burden and helped shoulder the cost of building a better society. Our idea of a surtax has an elegant simplicity, capturing all income without loopholes or carveouts for the rich, and it only affects the very wealthy, raising billions we always hoped would be spent on priorities like early child care, health care, and fighting climate change,” said Representative Beyer.
The millionaires surtax included in the Build Back Better Framework would impose a 5 percent tax on incomes above $10 million and an 8 percent tax on incomes above $25 million, raising $230 billion over 10 years from the wealthiest 0.02 percent of Americans.