U.S. Senator Chris Van Hollen praises EPI proposals to tax the rich

Today, U.S. Senator Chris Van Hollen (D-Md.) welcomed the release of EPI's new report that shares proposals on taxing the ultrarich:

"Donald Trump and Republicans have made crystal clear where their priorities lie with their so-called 'One Big Beautiful Bill'-not with working Americans, but with billionaires and big corporations. That bill amounts to a Great Betrayal. It raises costs for American workers, cuts vital programs for families, and explodes the national debt-all in service of making the rich richer.

"We need to chart a better path forward, one where the wealthiest pay a greater share, andwherewe build an economy that creates more shared prosperity so everyone can afford a decent quality of life. We need to have a robust discussion outlining alternatives to the current tax system, and the Economic Policy Institute has put forward just that-including outlining many proposals that I support and have championed in Congress. These proposals include legislation I have introduced that would start to unrig the tax code for the ultra-wealthy, such as my Millionaires Surtax Act, which would implement a 10% millionaires surtax. I've also authored the Sensible Taxation and Equity Promotion (STEP) Act to close the stepped-up basis loophole, and I've previously introduced the Strengthen Social Security by Taxing Dynastic Wealth Act to raise the estate, gift, and generation-skipping transfer taxes. I appreciate EPI's inclusion of key elements of these bills within this report.

"I strongly support the core argument made in this paper that the wealthiest Americans must begin contributing more to our shared future, and we need to start by gathering a wide range of tax policy proposals aimed at doing so. This is about showing the American people where we stand and making sure our economy-and tax policy-reward hard work, not just accumulated wealth," said Senator Chris Van Hollen.

Read the full EPI report here.