March 16- Rep. Jan Schakowsky introduced the Fairness in Taxation Act, to create new top income tax brackets for millionaires and billionaires.
Today, those with incomes over $1 million – or $20 million – pay the same top tax rate as people with incomes over $373,000. The Fairness in Taxation Act would create a new tax rate of 45% for incomes over $1 million with progressively higher rates up to 49% for incomes over $1 billion. The bill would also tax capital gains and dividend income at ordinary income rates for taxpayers with income over $1 million.
Wealth for the Common Good and the Agenda Project are circulating a sign-on letter of support for people with incomes over $1 million. Read the letter here and contact Alison at email@example.com to add your name to the initial list of signers.