Become A Citizen Cosponsor of The Tax The Rich Act

We believe rich people have received a disproportionate share of the national wealth for decades. Not because of their virtue or intellect but because of the wholesale capture of government by monied interest. For that reason, we want a full clawback of all the riches stolen for the last 25 years and demand that the entirety of that clawback go to investment in the country’s future security and prosperity.

1. Restore Progressive Income Tax Rates

92%

1950s Tax Rate

for the richest 1% of Americans

28%

1986 Tax Rate

for the richest 1% of Americans

In the 1950s, the top income tax rate stood at 91 percent, starting on joint-return income over $400,000, the equivalent of about $2 million today. Top income tax rates fell to 28 percent in 1986 and since then have gone no higher than 39.6 percent. Lawmakers should institute new, higher marginal rates on income above $250,000 and $1 million.

2. Eliminate the Cap on Social Security Withholding Taxes

127200

Maximum Amount You Can Pay In Social Security Per Year Regardless Of Wealth

All U.S. wage earners have a portion of their income withheld from their paychecks as part of their contributions to Social Security. But the annual amount of withholding is capped at $127,200 in 2017. This means that the highest income earners are done paying Social Security in early January, while a person earning $70,000 a year pays Social Security taxes all year long.

3. Strengthen the Estate Tax

17%

Eric Trump's Future Estate Tax

The U.S. estate tax is today paid exclusively by multi-millionaires and billionaires upon the transfer of wealth at death. In 2017, only couples with over $10.98 million in wealth — or single individuals with wealth over $5.49 million — face the tax. The estate tax has a flat rate of 40 percent, but the effective rate, after deductions and loopholes, runs only 17 percent for all taxable estates and under 19 percent for estates above $20 million.