Democratic Representatives Alexandria Ocasio-Cortez and Jan Schakowsky are working on legislation that would nearly double the top individual U.S. tax rate to 59% on the highest incomes.
The bill, which is still being drafted, also would increase capital gains rates to equalize them with income taxes and move to a so-called mark-to-market system. That would require individuals to pay taxes annually on the appreciation of their investments, real estate and business holdings.
