On Tax Day, Gallego Backs Legislation to Make the Ultra-Rich Pay Their Fair Share

WASHINGTON –On Tax Day,Senator Ruben Gallego (D-AZ)is highlighting his support of theMillionaires Surtax Actand theStop Corporations and High Earners from Avoiding Taxes and Enforce the Rules Strictly (Stop CHEATERS) Act, bills to ensure the ultra-wealthy pay their fair share in taxes.
“Across the country, middle- and working-class Americans have paid their fair share in taxes. Millionaires and billionaires, on the other hand, have not,”said Senator Gallego.“Our tax code is broken, and, thanks to Republicans’ tax law, it’s only gotten worse. Not only did they give tax breaks to billionaires, they also made it easier for them to get away with cheating on the taxes they do owe. I’m fighting for a tax code that works for working people, and the bills I’m backing today get us closer to that goal.”
TheMillionaires Surtax Actwould apply an additional 10 percent tax to the nation’s wealthiest earners to address the growing income inequality gap between wealthy and working Americans and raise significant revenue to support everyday families and grow our economy. The nonpartisan Yale Budget Labestimatesthat this proposal would raise $1.5 trillion over the next 10 years.
Specifically, the bill would:
Read the full billHERE.
TheStop CHEATERS Actwould provide the Internal Revenue Service with $83 billion in mandatory funding through Fiscal Year 2031 to modernize taxpayer services and ensure the wealthy pay what they owe in taxes. This additional funding would reverse the rescissions to IRS funding provided by the Inflation Reduction Act (IRA) and compensate for discretionary spending cuts to the IRS budget.
The bill is expected to pay for itself several times over, given the extent of tax evasion among high earners and the positive impact of improved services to help lower- and middle-income taxpayers file their taxes. Yale Budget Lab has scored this bill as raising about $998 billion in net revenue over a ten-year window. For every dollar invested by this bill, the federal government will gain approximately $13 dollars in gross revenue.
Specifically, the bill would:
Read the full billHERE.