Illinois Congressman's Bill Would Create Tax Brackets Up to 49 Percent for the Very Wealthy

The Fairness in Taxation Act, introduced March 17 by Rep. Jan Schakowsky (D-IL), would create new tax brackets ranging from 45 to 49 percent on personal incomes ranging from $1 million to $1 billion and over.

Schakowsky, a member of President Obama's 18-member National Commission on Fiscal Responsibility and Reform, is co-sponsor of the legislation along with Rep. Raul Grijalva (D-AZ) and Rep. Keith Ellison (D-MN), as well as Rep. Jesse Jackson, Jr. (D-IL), Rep. Donna Edwards (D-MD), Rep. Bob Filner (D-CA), Rep. Jerry Nadler (D-NY), Rep. Steve Cohen (D-TN), Rep. John Yarmuth (D-KY), and Rep. Peter DeFazio (D-OR).

According to a statement from United for a Fair Economy, a think tank focused on "the concentration of wealth and power" in the U.S. and a growing gap between the richest and poorest Americans, the legislation enjoys the support of the Campaign for America's Future, another progressive think tank.

"Any sensible program for deficit reduction must begin with changing the massive tax cuts for the very wealthy," said Roger Hickey, co-director of the Campaign for Americas Future. "Those tax giveaways were a major cause of our current deficit. In an era of excessive inequality we should end Bush-era tax cuts for the wealthiest Americans. We need progressive revenues not just to bring down deficits, but also to finance investments in jobs and sustainable growth. The introduction of the Fairness in Taxation Act is an important step that will be popular with the American people."

Sources: Press Release from United for a Fair America Sphere: Related Content