Agroup of Democratic lawmakers and the Patriotic Millionaires, an organization of high-income and high net worth individuals favoring higher taxes on the wealthy, are calling on Congress to pass a 90% income tax on incomes above $100 million as fears of a recession are growing.
Abigail Disney, a documentary filmmaker who is the granddaughter of Roy Disney, cofounder of The Walt Disney Company, joined the lawmakers to call for higher taxes on “extremely high income.”
“My grandfather paid a 90% marginal tax rate on his income, and he amassed plenty of wealth in the process,” she said at a news conference on Tuesday. “That means rates of up to 90% on incomes over $100 million.”
The Patriotic Millionaires are also advocating taxing “all income over $1 million the same regardless of how it is generated, including capital gains income and inheritance income,” according to a press release about the organization’s latest tax proposal.
California Democratic Rep. Jimmy Gomez said his tax reform proposal, which Vermont independent Sen. Bernie Sanders is sponsoring in the Senate, would raise estate tax or “death tax” rates. The Republicans implemented a phase-out of the estate tax.
“Our bill will help narrow the wealth gap and raise much needed revenue for investment in the benefits that help working families and our constituents who aren’t in line to inherit a fortune,” he said.
Rep. Pramila Jayapal (D-Wash.), chair of the Progressive Caucus, is a cosponsor of the Gomez legislation.