How Democrats’ Proposed Millionaire Surtax Would Work

A surtax on millionaires is under consideration by Democrats in the U.S. Congress trying to pay for President Joe Biden’s $1.75 trillion social spending plan. The add-on could increase the top tax rate on income to as much as 45% for tens of thousands of well-off Americans, up from 37% currently. It’s an alternative to a series of proposals to tax wealth, not just income, including a proposed billionaire tax that was shot down almost as soon as it was raised.

Leave a Reply

%d bloggers like this: