Encouraging Congress to pursue reforms to ensure that all United States citizens contribute to funding the operations of the Federal Government in proportion to the economic gains they realize.

Key Points

• This resolution asks Congress to change the tax system so people who make money from investments pay taxes similar to people who earn a paycheck. Right now, the government gets about 84 percent of its money from income and payroll taxes on workers.
• The proposal points out that the wealthiest 1 percent of Americans hold about 55 trillion dollars in wealth. Many of these people can avoid taxes by using their stocks or property as collateral for loans instead of selling them and paying taxes on the profit.
• It highlights that the national debt has reached 39.4 trillion dollars. The resolution argues that the current tax system does not bring in enough money because it focuses too much on wages and not enough on growing wealth from stocks, business equity, or digital assets.
• The plan calls for the House Ways and Means Committee to hold meetings to look at these differences. It also suggests looking at how charitable funds and the estate tax are used to keep large amounts of money from being taxed.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.