The Equal Tax Act is now officially in both chambers of Congress.

The Equal Tax Act makes multimillionaire investors like our members pay the same rate on our income as you do. The bill also eliminates a huge loophole in the tax code called the stepped-up basis, that allows the heirs of wealthy investors to avoid paying any capital gains taxes on stocks and everything else they inherit.

Under our current tax code, every single dollar our members make is probably worth more than every dollar working people make. The federal tax code treats money differently, depending on how you make it. Money from a job is taxed the highest, followed by money from investments, and then income from inheritances, which is taxed the least of all.

A recent analysis by the Institute for Macroeconomic & Policy Analysis (IMPA) out of American University found that equalizing rates could boost the economy over the long-term and decrease inequality with no negative impact on economic efficiency. These findings are consistent with decades of historical evidence that increasing capital gains rates has no negative impact on economic growth

Inequality in America has reached historic, destabilizing heights. And when one kind of money is taxed less than another kind of money, growing inequality is baked in by the math. We know that inequality—when it reaches a certain level—leads by definition to authoritarianism. If you keep treating money differently, there is only one place a nation can get to. And we are there.

That’s why eliminating this preference is the first step of Patriotic Millionaires’ “The MONEY Agenda” a bold and surprisingly-simple vision for the American economy. To beat back the oligarchical coup which threatens our economy, we must advance a new vision for the American economy. We must structure the economy so that it naturally delivers more stable, more equal outcomes. That starts by treating income the same regardless of how you make it.

Click “Start Writing” to send a message to your Congressperson to support the Equal Tax Act.