Daily Tax Report ®

HILL TAX BRIEFING: Lawmakers Aim for Simpler Wealth Tax Ideas

Nov. 8, 2019, 11:29 AM

Some Democrats are crafting wealth tax alternatives, buoyed by the hope that they could win the White House and Senate in 2020 and hold onto the House.

One of those plans came yesterday, from Sen. Chris Van Hollen (Md.) and Rep. Don Beyer (Va.). They pitched a surtax on millionaires as a simpler approach that comes with fewer legal hiccups. The legislation would tack a 10% surtax on families making more than $2 million a year and individuals with incomes higher than $1 million.

Their proposal is estimated to bring in an additional $635 billion over...

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