Dems propose minimum 45 percent tax rate on income above $1 million

"Our country faces an inequality crisis," she said Thursday. "While the amount of earned income — and accumulated wealth — by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades.

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"We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class," she added.

For taxable income from $1 million to $10 million, the bill would set a 45 percent tax rate. That rate increases to 46 percent for income between $10 million and 20 million, 47 percent for income between $20 million and $100 million, and 48 percent for income between $100 million and $1 billion.

Schakowsky pointed to a Congressional Research Service study that said raising tax rates on the wealthy has "little to no impact on macroeconomic growth."

Her bill is co-sponsored by Reps. John Conyers (D-Mich.), Donna Edwards (D-Md.), Luis Gutierrez (D-Ill.), Barbara Lee (D-Calif.), Betty McCollum (D-Minn.) and John Yarmuth (D-Ky.).