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HR 19 - Tax the Rich Act


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IN THE HOUSE OF REPRESENTATIVES

Ms. Gonzalez (for herself) introduced the following bill;

A BILL To increase taxes on wealthy Americans, rebate revenue from taxes on the wealthy to Americans making less than $100,000 yearly, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax the Rich Act''.

SECTION 2. WEALTH TAX.

(a) An annual wealth tax on net worth shall be established with a rate of 2% on households and trusts worth between $50 million and $1 billion.

(b) Households and trusts in excess on $1 billion in net worth shall be taxed based on wealth annually at a rate of 3%.

SECTION 3. ESTATE TAX.

(a) The estate tax shall be amended to include the following rates:

1. $3.5 million to $10 million: 45% tax rate

2. $10 million to $50 million: 50% tax rate

3. $50 million to $1 billion: 55% tax rate

4. More than $1 billion: 77% tax rate

SECTION 4. ANNUAL REBATE.

(a) Revenues received from the tax increases outlined in the following act shall be rebated annually to all American adults earning $100,000 or less annually.

Democratic Representative Litzy Gonzalez

Texas Congressional District 35

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On 12/25/2021 at 7:39 PM, Huffines said:

IN THE HOUSE OF REPRESENTATIVES

Ms. Gonzalez (for herself) introduced the following bill;

A BILL To increase taxes on wealthy Americans, rebate revenue from taxes on the wealthy to Americans making less than $100,000 yearly, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax the Rich Act''.

SECTION 2. WEALTH TAX.

(a) An annual wealth tax on net worth shall be established with a rate of 2% on households and trusts worth between $50 million and $1 billion.

(b) Households and trusts in excess on $1 billion in net worth shall be taxed based on wealth annually at a rate of 3%.

SECTION 3. ESTATE TAX.

(a) The estate tax shall be amended to include the following rates:

1. $3.5 million to $10 million: 45% tax rate

2. $10 million to $50 million: 50% tax rate

3. $50 million to $1 billion: 55% tax rate

4. More than $1 billion: 77% tax rate

SECTION 4. ANNUAL REBATE.

(a) Revenues received from the tax increases outlined in the following act shall be rebated annually to all American adults earning $100,000 or less annually.

Nancy Pelosi

The House is called to order to debate the legislation for no less than 96 hours (approx Wednesday 1/5 @ 8PM).

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Madam Speaker, 

I understand the wishes of the majority party to combat wealth inequality and raise more tax revenue for their big government programs. The Democratic Party’s inclination has always been to first seek to take more money out of the economy into the hands of Treasury bureaucrats. Of course, I would say few Democrats have proposed a bill so blatantly redistributionist, and even socialist or Marxist, in the past. Unfortunately for my left-wing colleagues, here in the United States, we are governed by the rule of law, and thus the words of the Constitution of the United States both authorize and prohibit certain actions of this Congress.
 

It just so happens that one provision of this bill lies in direction contravention to the Constitution’s provisions in taxation, specifically Section 2 of this bill violates Article 1, Section 8 of the Constitution. As the wealth tax proposed is an unapportioned direct tax on the American people, it is therefore illegal. Any bill we pass should not have the wealth tax proposed because to do so would be a waste of time. It would get struck down anyway. The United States is a nation governed by laws, and the Supreme Law of the Land is the Constitution. If we do not follow it, how could we expect any law passed by our government to be followed? I ask this body to consider these questions deeply as we move forward. 
 

With all of this in mind, I move to strike Section 2 from this bill and renumber accordingly. 
 

I yield in hopes for a second.

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player

 

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8 hours ago, SWMissourian said:

Madam Speaker, 

I understand the wishes of the majority party to combat wealth inequality and raise more tax revenue for their big government programs. The Democratic Party’s inclination has always been to first seek to take more money out of the economy into the hands of Treasury bureaucrats. Of course, I would say few Democrats have proposed a bill so blatantly redistributionist, and even socialist or Marxist, in the past. Unfortunately for my left-wing colleagues, here in the United States, we are governed by the rule of law, and thus the words of the Constitution of the United States both authorize and prohibit certain actions of this Congress.
 

It just so happens that one provision of this bill lies in direction contravention to the Constitution’s provisions in taxation, specifically Section 2 of this bill violates Article 1, Section 8 of the Constitution. As the wealth tax proposed is an unapportioned direct tax on the American people, it is therefore illegal. Any bill we pass should not have the wealth tax proposed because to do so would be a waste of time. It would get struck down anyway. The United States is a nation governed by laws, and the Supreme Law of the Land is the Constitution. If we do not follow it, how could we expect any law passed by our government to be followed? I ask this body to consider these questions deeply as we move forward. 
 

With all of this in mind, I move to strike Section 2 from this bill and renumber accordingly. 
 

I yield in hopes for a second.

Nancy Pelosi

Amendment is recognized. 24 hours to vote. 

 

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On 1/3/2022 at 12:10 AM, Bruce said:

Nancy Pelosi

Amendment is recognized. 24 hours to vote. 

 

 

Nancy Pelosi

The amendment passes and the bill has been updated. Debate continues. 

Voting Bloc Total Aye Nay Present
Nationalist Republicans 51 51 0 0
Evangelical Republicans 51 51 0 0
Business Republicans 51 51 0 0
Moderate Conservative Republicans 50 50 0 0
Moderate Liberal Republicans 10 8 1 0
SJW Democrats 52 0 52 0
Progressive Democrats 52 0 52 0
Environmentalist Democrats 52 0 52 0
Moderate Liberal Democrats 52 0 52 0
Moderate Conservative Democrats 14 8 5 0
  219 214 0
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Madam Speaker,
I have to confess that I'm still concerned about how this bill is supposed to operate.  Is the annual rebate supposed to be a per-capita rebate?  Based on income?  Taxes paid?  Does it apply to under-18s regardless of their family situation?  I know this is only a framework I'm looking at, but the framework is...vague, to put it mildly.

Andrew Byrd (and family), Virginia

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On 12/25/2021 at 7:39 PM, Huffines said:

IN THE HOUSE OF REPRESENTATIVES

Ms. Gonzalez (for herself) introduced the following bill;

A BILL To increase taxes on wealthy Americans, rebate revenue from taxes on the wealthy to Americans making less than $100,000 yearly, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax the Rich Act''.

SECTION 2. WEALTH TAX.

(a) An annual wealth tax on net worth shall be established with a rate of 2% on households and trusts worth between $50 million and $1 billion.

(b) Households and trusts in excess on $1 billion in net worth shall be taxed based on wealth annually at a rate of 3%.

SECTION 3. ESTATE TAX.

(a) The estate tax shall be amended to include the following rates:

1. $3.5 million to $10 million: 45% tax rate

2. $10 million to $50 million: 50% tax rate

3. $50 million to $1 billion: 55% tax rate

4. More than $1 billion: 77% tax rate

SECTION 4. ANNUAL REBATE.

(a) Revenues received from the tax increases outlined in the following act shall be rebated annually to all American adults earning $100,000 or less annually.

Nancy Pelosi

The House is called to order to vote on the bill for no more than 72 hours. 

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Voting Bloc Total Aye Nay Present
Nationalist Republicans 51 0 51 0
Evangelical Republicans 51 0 51 0
Business Republicans 51 0 51 0
Moderate Conservative Republicans 50 0 50 0
Moderate Liberal Republicans 10 2 7 0
SJW Democrats 52 52 0 0
Progressive Democrats 52 52 0 0
Environmentalist Democrats 52 52 0 0
Moderate Liberal Democrats 52 52 0 0
Moderate Conservative Democrats 14 8 5 0
  218 215 0
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Aye 24
Nay 25
Present 1

 

Senate Votes
State Senator Philosophy Vote
Alabama Tommy Tuberville Nationalist Nay
Alaska Lisa Murkowski Moderate Conservative Nay
Arizona Mark Kelly Environmentalist Aye
Arkansas Tom Cotton Nationalist Nay
California Dianne Feinstein Progressive Aye
Colorado John Hickenlooper Moderate Liberal Aye
Connecticut Chris Murphy Progressive Aye
Delaware Tom Carper Moderate Liberal Aye
Florida Marco Rubio Evangelical Nay
Georgia Raphael Warnock Social Justice Warrior Aye
Hawaii Mazie Hirono Environmentalist Aye
Idaho Mike Crapo Evangelical Nay
Illinois Dick Durbin Progressive Aye
Indiana Mike Braun Evangelical Nay
Iowa Chuck Grassley Business Nay
Kansas Jerry Moran Business Nay
Kentucky Mitch McConnell Business Nay
Louisiana John Kennedy Evangelical Nay
Maine Susan Collins Moderate Conservative Present
Maryland Ben Cardin Moderate Liberal Aye
Massachusetts Elizabeth Warren Progressive Aye
Michigan Debbie Stabenow Environmentalist Aye
Minnesota Amy Klobuchar Moderate Liberal Aye
Mississippi Roger Wicker Evangelical Nay
Missouri Josh Hawley Nationalist Nay
Montana Jon Tester Moderate Liberal Nay
Nebraska Ben Sasse Evangelical Nay
Nevada Catherine Cortez Masto Social Justice Warrior Aye
New Hampshire Jeanne Shaheen Moderate Liberal Aye
New Jersey Cory Booker Progressive Aye
New Mexico Martin Heinrich Environmentalist Aye
New York Chuck Schumer Moderate Liberal Aye
North Carolina Richard Burr Business Nay
North Dakota John Hoeven Evangelical Nay
Ohio Rob Portman Moderate Conservative Nay
Oklahoma Jim Inhofe Evangelical Nay
Oregon Ron Wyden Environmentalist Aye
Pennsylvania Bob Casey Jr Moderate Liberal Aye
Rhode Island Sheldon Whitehouse Environmentalist Aye
South Carolina Lindsey Graham Business Nay
South Dakota John Thune Business Nay
Tennessee Marsha Blackburn Nationalist Nay
Texas Ted Cruz Evangelical Nay
Utah Mitt Romney Business Nay
Vermont Bernie Sanders Progressive Aye
Virginia Tim Kaine Moderate Liberal Aye
Washington Patty Murray Environmentalist Aye
West Virginia Joe Manchin Moderate Conservative Aye
Wisconsin Ron Johnson Nationalist Nay
Wyoming John Barrasso Evangelical Nay

 

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