This legislation would impose a new 4 percent income tax surcharge on earnings over $1 million, creating an additional top tax bracket targeted at high earners. While framed as a fairness measure, the proposal represents a significant expansion of government taxation that risks discouraging investment, entrepreneurship, and job creation.
Many individuals affected are small business owners and investors whose income fluctuates year to year, making this revenue source unreliable and economically destabilizing. Rather than addressing overspending or structural budget issues, the legislation relies on penalizing success to fund continued growth in government.