Rep. Schakowsky Reintroduces the Fairness in Taxation Act

Washington, DC–(ENEWSPF)–April 25, 2013 – Rep. Jan Schakowsky reintroduced the Fairness in Taxation Act today:

“Our country faces an inequality crisis. While the amount of earned income – and accumulated wealth – by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades. Today, I reintroduced my Fairness in Taxation Act to address this fundamental problem. My bill raises tax rates for those making over $1 million and taxes capital gains and dividend income at ordinary income rates for those taxpayers with income over $1 million.

“In this country, the top 1 percent of earners holds 40 percent of our nation’s wealth – that’s more than the entire bottom 90%, who own just 25% of the country’s wealth. We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class. The Congressional Research Service has demonstrated that raising rates on the wealthiest Americans has little to no impact on macroeconomic growth.

The Citizens for Tax Justice (CTJ) estimates that the provisions in this bill raises between $785 billion and $849 billion in revenue over the next decade. That is more than enough to cover the cost of my Emergency Jobs to Restore the American Dream Act, which would support more than 2 million new hires – police officers, firefighters, teachers, medical professionals, construction workers and others – to do the work that communities across the country need done. Our country must change the inequality between the wealthiest and those barely scraping by to pay their bills. It’s time that millionaires, billionaires and corporations pay their fair share.”

The Fairness in Taxation Act would create new tax rates:

  • $1-10 million: 45%
  • $10-20 million: 46%
  • $20-100 million: 47%
  • $100 million to $1 billion: 48%
  • $1 billion and over: 49%

Source: schakowsky.house.gov