SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
ed markey
Markey Applauded for Proposal to Make Wealthiest Americans Pay Investment Tax
One advocate called the bill an "important step forward in reducing historic, extreme, and democracy-destabilizing levels of economic inequality in America."
Mar 17, 2026
In a move cheered by economic justice advocates, US Sen. Ed Markey on Tuesday introduced the Senate version of the bicameral Equal Tax Act, a bill that would "create equal tax rates for all forms of income for individuals with incomes over $1 million."
"The wealthiest individuals in our society use loopholes and tax dodging schemes to avoid paying their fair share," Markey (D-Mass.) said in an introduction to the bill. "They get away with it because our tax code rewards wealth over work—giving breaks to those that trade stocks over those that punch clocks."
The legislation—which was first introduced in the House of Representatives last year by Rep. Delia Ramirez (D-Ill.)—seeks to make the tax code more fair by making billionaires and multimillionaires pay income tax on passive investments, as if they earned their money through labor, by raising the top marginal rate from the current 20% to 37%.
Right now, billionaires can pay less in taxes on their stock trades than teachers or nurses that educate our children and care for us in emergencies. My Equal Tax Act would stop rewarding wealth more than work by making the ultra-wealthy pay taxes like millions of working people.
[image or embed]
— Senator Ed Markey (@markey.senate.gov) March 17, 2026 at 2:54 PM
Specifically, the Equal Tax Act would:
- Limit the lower preferential tax rate for long-term capital gains and dividends to incomes under $1 million;
- End the stepped-up basis loophole and disrupt the “buy, borrow, die” strategy used by the wealthy to avoid taxation by treating capital gains as realized at the time of gift or death, with exclusion allowances of up to $1 million in gains;
- Enact a lifetime limit of $1 million on the use of like-kind exchanges on real estate gains; and
- Limit the pass-through deduction to incomes under $1 million.
Markey's office said Tuesday that, if passed, the Equal Tax Act would raise an estimated $300 billion in revenue over 10 years.
"Teachers, nurses, and millions of working people are the ones who keep our country running, but our tax code rewards wealth over work,” said Markey. “The Equal Tax Act brings fairness to our tax code by requiring millionaires and billionaires to pay taxes on investment income the same way working people pay taxes on income from their labor."
Ramirez noted how plutocrats like President Donald Trump and tech titans Elon Musk, Jeff Bezos, and Mark Zuckerberg "have extorted tax benefits from the American people."
"For far too long, they have exploited an unfair tax system that makes the rich richer at the expense of working families," the congresswoman added. "It is time we ensure that the ultrawealthy pay their fair share. I am excited to work with Sen. Markey in the bicameral introduction of the Equal Tax Act to build a fairer tax system that ensures working families have everything they need to thrive."
Morris Pearl, chair of the fair taxation advocacy group Patriotic Millionaires, said in a statement, “For decades, we have been playing a game of economic Jenga where we pull from the bottom and the middle, load it all on top, and then wonder why the whole thing is about to fall down."
"We end up with an unfair system that allows for oligarchic wealth to concentrate in the hands of a few individuals," Pearl continued. "That’s because right now in America, our tax code makes people who have jobs and work for a living pay far higher tax rates than people who make money from investments or inheritances."
"The money that investors like me make passively from our wealth should not be taxed any less than the money millions of Americans make through their sweat," he asserted. "By closing major loopholes, the Equal Tax Act would ensure that the ultrarich pay income taxes just like all Americans who work for a living and have taxes deducted from their paychecks every week."
"The Patriotic Millionaires are thrilled to see Sen. Markey take this important step forward in reducing historic, extreme, and democracy-destabilizing levels of economic inequality in America," Pearl added.
Keep ReadingShow Less
As Trump Sends Mixed Messages, Markey Demands Honest Data on Economic Impact of Iran War
"Trump's reckless, aimless, and illegal war with Iran is driving our nation into yet another self-inflicted energy and inflation crisis."
Mar 09, 2026
While President Donald Trump on Monday made conflicting comments about ending the US-Israeli war on Iran, Sen. Ed Markey expressed "deep concerns about ongoing political interference in what should be nonpartisan offices, including the federal statistical system," and demanded urgent analyses of the bloody assault's economic consequences.
"History is repeating itself," the Massachusetts Democrat, who serves as ranking member of the Senate Committee on Small Business and Entrepreneurship, began his Monday letter to acting Commissioner of the US Bureau of Labor Statistics (BLS) William Wiatrowski.
"Crises spurred by American intervention in the Middle East in 1974, 1980, 1990, and 2003 led to price gouging at the gas pump and drains on American wallets, followed by broader economic effects as the price of energy skyrocketed," Markey noted. "President Trump's reckless, aimless, and illegal war with Iran is driving our nation into yet another self-inflicted energy and inflation crisis. American consumers should not be subjected to shakedowns every time they fill up their cars, just to pay for Donald Trump's Middle Eastern crusade."
"Unfortunately, at this moment we are flying blind," he wrote. "The president has neglected to provide coherent or consistent explanations for the scope and goals of his war, either to the Congress or the American people, and we have similarly received no information from the administration on the conflict’s expected duration or anticipated costs."
The senator asked the BLS to "immediately undertake and publish a comprehensive analysis of the likely consumer price impacts" over the next 6-12 months stemming from Trump's war on Iran.
Specifically, by March 24, he requested projections for:
- consumer price changes in electricity, gasoline, and home heating fuel, based on current levels of disruption to fossil fuel flows through the Strait of Hormuz;
- shifts in food prices that factor in elevated energy and transportation costs as well as disruptions to imports and exports, and the fertilizer supply chain; and
- pricing changes for goods including apparel and household products due to supply chain disruptions and higher energy and shipping costs.
Markey also requested answers about the agency's methodology, stressing that "the integrity and timeliness of BLS's work have never mattered more. American families making decisions about their budgets, their energy use, and their economic future deserve the best available government data and analysis."
The senator recalled Trump's August ouster of then-Commissioner Erika McEntarfer, which "appears to solely have been the result of BLS releasing factual jobs data that was viewed as unflattering to the administration."
"Baseless firings of ethical civil servants and manipulation of data reduce trust in what should be objective economic research grounded in data and evidence, rather than overt partisanship and blind allegiance," he wrote to the agency's new leader.
"In the face of this intimidation," the senator added, "I appreciate Dr. McEntarfer's assertions regarding the quality of your leadership and personal character, and I hope you will continue to ground economic analyses in objectivity and fact—no matter how many times the president inaccurately claims that BLS's statistics are 'rigged' and pressures officials to hide, alter, or otherwise change data to suit his political purposes."
Donald Trump is throwing gasoline on the flames of war in Iran, while at home, Americans are paying higher prices for gasoline at the pump. Take a walk with me to see how prices are skyrocketing as a result of this illegal war.
[image or embed]
— Senator Ed Markey (@markey.senate.gov) March 9, 2026 at 3:27 PM
As Common Dreams reported earlier Monday, Trump's war on Iran is having an obvious economic impact: The prices of both Brent crude oil and WTI crude oil futures soared past $100 per barrel, the Dow Jones Industrial Average opened trading down by more than 600 points, and the Nasdaq dropped by 300 points.
Then, Trump suggested in an interview with CBS News’ Weijia Jiang that the Iran war—which has already killed more than 1,300 Iranians, including hundreds of women and children—is "very complete, pretty much." After his remarks, Reuters reported, "Wall Street stocks clawed their way back from a steep selloff to close higher on Monday, notching a final-hour rebound."
However, Trump then seemed to walk back his comments about the war ending soon. According to the New York Times, during a speech to Republican lawmakers in Florida, he said that "we have won in many ways, but not enough. We go forward more determined than ever to achieve ultimate victory that will end this long-running danger once and for all."
Keep ReadingShow Less
After Supreme Court Kills Tariffs, Trump Plots '15% Tax Out of YOUR Pockets to Feed HIS Deranged Ego'
"Donald Trump is a gangster with no respect for the rule of law and no understanding of economics," said former Democratic presidential candidate Tom Steyer.
Feb 21, 2026
Shortly after the US Supreme Court on Friday ruled against President Donald Trump's use of emergency powers to impose sweeping tariffs, the Republican announced plans for a 10% global import tax under another law. By Saturday, he'd hiked it to 15%.
In a 6-3 decision penned by Chief Justice John Roberts, the high court found that "nothing" in the text of the 1977 International Emergency Economic Powers Act (IEEPA) "enables the president to unilaterally impose tariffs." Trump responded by not only lashing out at the justices but also invoking Section 122 of the Trade Act of 1974 for a 10% global tariff beginning February 24.
Then, in a Saturday morning Truth Social post, Trump said:
Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the US off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level. During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again GREATER THAN EVER BEFORE!!! Thank you for your attention to this matter.
Critics across the country swiftly blasted the announcement. Democratic strategist Jon Cooper argued that "Trump CANNOT legally impose a 15% global tariff because the US doesn't meet the clear emergency economic conditions envisioned by Section 122. If Trump tries to invoke it, it would certainly face immediate legal challenges, economic pushback, and potential congressional scrutiny."
Former Democratic presidential candidate Tom Steyer declared that "Donald Trump is a gangster with no respect for the rule of law and no understanding of economics. This is a 15% tax out of YOUR pockets to feed HIS deranged ego."
California Gov. Gavin Newsom, who's expected to seek the Democratic presidential nomination in 2028, similarly said that "Donald Trump just announced a NEW 15% TAX on the American people. He does not care about you."
Another California Democrat, Congressman Ted Lieu, quipped that "crybaby Trump woke up this morning and still feels hurt from the Supreme Court slapping him. So he's taking it out on the American people by increasing his 10% tax increase to 15%. These temporary tariffs will be challenged in court and Democrats will kill them when they expire."
Elected Democrats have often spoken out against Trump's legally dubious duties, but the GOP-controlled Congress hadn't forcefully countered them. As Politico detailed Friday:
Before the ruling, while congressional Republicans had occasionally grumbled about the policy, they had largely fallen in line when actually required to vote on it. Now, the Supreme Court’s decision could put more pressure on them to break with the president...
Six House Republicans voted alongside Democrats last week to condemn Trump's tariffs on Canada, sending the measure to the Senate, which has already seen significant GOP defection in other votes on the duty measures. Senior House Democrats have vowed to bring up at least three more similar resolutions that will force GOP members to choose between their adherence to free trade principles and their MAGA base.
Last week, Sen. Ed Markey (D-Mass.), ranking member of the Senate Committee on Small Business and Entrepreneurship, released a report laying out how Trump's economic policies, particularly the tariffs, "are making life unaffordable for millions of American small businesses, their workers, and their customers."
Markey held a virtual press conference with Massachusetts small business owners celebrating the Supreme Court's Friday ruling. The senator said that "for the last year, Trump has created Pain on Main with an affordability crisis plaguing communities across the country. At the heart of it are Trump's tariff taxes."
"The Supreme Court did what was right and struck down these illegal tariffs. Trump said the small businesses who brought this case hate our country. He’s wrong. Small businesses are our country," Markey continued. "I will keep fighting until every cent illegally collected from small businesses, consumers, and families in Massachusetts and across the country has been returned."
Keep ReadingShow Less
Most Popular