A bill co-sponsored by Senator Tammy Baldwin is being reintroduced.
The Paying a Fair Share Act looks to ensure millionaires pay higher tax rates than middle-class Americans by enacting a 30-percent minimum tax on those with incomes over $1 million.
The change would apply to approximately 0.58% of taxpayers and includes a phase-in for additional tax liability for taxpayers earning between $1 million and $2 million and would preserve the incentive for charitable giving.
Sen. Baldwin said in her announcement, “Working families should not be paying more in taxes than the wealthiest Americans. Period. But right now, our system is rigged against teachers, firefighters, and nurses while letting Wall Street get massive tax breaks to pad their pockets. It’s just plain wrong.”
The bill is led by Senator Sheldon Whitehouse of Rhode Island and co-sponsored by twelve other Senators.
