On Tax Day, Sen. Markey, Rep. Ramirez Call for Taxing the Wealthy on Investment Income

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Washington (April 15, 2026) - Senator Edward J. Markey (D-Mass.) and Congresswoman Delia Ramirez (IL-03) today announced the introduction of their Equal Tax Act, legislation that would make the tax code more equitable by taxing investment income at the same rate as ordinary labor income and by closing other common loopholes used by the wealthy to avoid paying their fair share.

"Teachers, nurses, and millions working people are paying more while getting less because our tax code is rigged to reward wealth over work," said Senator 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 Tax Day, I'm proud to work with Congresswoman Ramirez to fight for legislation that has the wealthy pay their fair share and rewards work every bit as much as wealth."

"Over and over again, we have seen how Musk, Bezos, Zuckerberg, Trump, and other billionaires 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. It is time we ensure that the ultra-wealthy pay their fair share. I am excited to work with Senator Markey in the bicameral Equal Tax Act to build a fairer tax system that ensures working families have everything they need to thrive," said Congresswoman Delia C. Ramirez (IL-03).

"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 oligarchic wealth to concentrate in the hands of a few individuals. 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. By closing major loopholes, the Equal Tax Act would ensure that ultra rich people like me 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 Senator Markey and Congresswoman Ramirez take this important step forward in reducing historic, extreme, and democracy-destabilizing levels of economic inequality in America," said Morris Pearl, Chair of Patriotic Millionaires.

"The Equal Tax Act would create a federal tax code that treats all income equally whether it's a teacher's paycheck or the investment income earned by a millionaire. Our tax laws should not privilege the wealthy and burden working and middle-class families. This is not complicated. It's time to do what is right and make the rich pay their fair share. The AFT enthusiastically supports the Equal Tax Act and is proud to stand with Sen. Markey and Rep. Ramirez in calling for its passage," said Fedrick C. Ingram, AFT Secretary-Treasurer.

The Equal Tax Act is endorsed by the AFL-CIO; American Federation of Teachers; AFSCME; Responsible Wealth; Voices for Progress; Americans for Tax Fairness; Institute for Policy Studies, Global Economy Project; National Women's Law Center Action Fund; United for a Fair Economy; Coalition on Human Needs; Oxfam America; Public Advocacy for Kids (PAK); NETWORK Lobby for Catholic Social Justice; Equal Rights Advocates; Americans for Financial Reform; People's Action; Housing Action Illinois; Accountable.US; American Friends Service Committee; MomsRising; the National Association of Social Workers; and Patriotic Millionaires.

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