A Republican proposal to impose a tax hike on millionaires offers to generate about $400 billion over a decade, according to two new estimates provided to Bloomberg News, providing fresh revenue to partially offset the cost of the party’s multi-trillion-dollar tax package.
The Budget Lab at Yale projects that taxing income over $1 million at a 40% rate would generate $420 billion over a decade. The [Tax Foundation](https://www.bloomberg.com/quote/1217769D:US) in its own preliminary analysis finds that the new bracket would raise $358 billion over the same 10-year period, according to Garrett Watson, the director of policy analysis for the think tank.
Antonioshamstrings on
Too bad the government is set up so it is controlled by millionaires and billionaires. Don’t see this happening as amazing as it would be.
Fakeymcfakey18 on
Now just imagine what would happen if billionaires actually paid their taxes
redisburning on
This is why we need to be taxing wealth. Taxing income isn’t enough; the 400 billion is great but 40B a year over a decade doesn’t really do anything.
I definitely support raising the top marginal tax rate but where are higher inheritance taxes, capital gains taxes, taxes on people who own massive numbers of properties? In 4 years just people with billion dollar plus net worths had their wealth go up by something like 2 trillion dollars. The math aint mathing here.
Brundleflyftw on
Over a decade. $40b per year. .005 of annual spending or 1/2 of 1%.
Weird-Ad7562 on
BLUE STATES must implement a state tax on businesses and individuals who benefit most from Tunt’s tax-cut giveaways.
KEEP THE MONEY BLUE
Toobin4Tommy on
$400 billion over ten years.
The official US military budget was more than twice that. In 2023 alone. So, with this proposed tax, we can pay for half a year’s military over ten years.
Sounds promising.
Tbone2797 on
This is a decent start, but we need to tax all income over $1 million as ordinary income. Nobody making that much money should be getting tax breaks just because their income comes from long-term capital gains, qualified dividends, or another type of income that receives preferential tax treatment. Also, we need to close the loophole that allows multimillionaires and billionaires to avoid paying taxes by taking out low interest loans with their stock as collateral instead of selling it.
Akraxs on
billionaires could end homelessness and hunger in america. they just choose not to, and that’s the crazy part to me. you could easily just end a crisis and you just *dont*
angrypooka on
Would but it’s never going to happen.
threehundredthousand on
Wealthy people would rather flush $400 billion down the toilet than contribute $40 billion to society. They’re parasites. It’s why they’re wealthy in the first place.
KrazyBby93 on
We should do that
Quazam on
Millionaires, but not billionaires I’m guessing.
People with 1,000,000 vs
People with 1,000,000,000. Such a massive difference, and they are talking about ignoring the literal 1000x bigger problem than millionaires.
That’s going off one one billion, and we have hundred billionaires.
This ignores the problem, as usual. Millionaires can be greedy, but are more likely to own local businesses compared to mega corps owned by billionaires.
Viralclassic on
Now I know that there are more millionaires than billionaires but;
If 1 million = 400 billion
1 billion = 400 trillion???
PenImpossible874 on
Instead of going after the upper middle class, we should go after the billionaires.
A dentist who makes 200k a year and has a net worth of 1m is not anyone’s enemy.
kingofthezootopia on
That’s why we’re already taxing foreign millionaires with the tariffs! /s
HoneyBadger552 on
not this idea again. it never progresses and wont be put into place effectively. go after the billionaires. you have a wealth gap among the wealthy
Madmandocv1 on
I don’t even have to read the article to tell you that nothing that could be accurately described as a “ millionaire tax” has any chance of becoming a reality.
awuweiday on
Queue very opinionated dorks making less than 60k to argue it wouldn’t be enough to cover the government so we should actually just eliminate taxes altogether.
themiracy on
UPW: [Trump’s Millionaire Tax Would Generate About $400 Billion in Revenue – Bloomberg](https://archive.is/GBJnw)
Clownsinmypantz on
I’m not smart enough to answer this, have they ever done the math on how much it would cost for free healthcare here?
NeverFreeToPlayKarch on
But then they’d be so sad.
FormerUsenetUser on
It won’t ever happen.
ironicallynotironic on
So would properly funding the IRS! Maybe do both and get closer to an additional trillion dollars 😝
Common-Ad6470 on
Do it already…👍
Marshalltm on
It feels like this whole thing is about to backfire on the billionaires in just an awesome way!! Awareness because of the ineptitude. The fall of our markets due to the same. The public backlash is gaining momentum as all of these folks start waking up to the reality star in the room!!
PhysicalGraffiti75 on
Arcon would tear this country to pieces if their beloved leaders were even slightly inconvenienced like this.
Ytrewq9000 on
GOP planning to tax the rich lol 😂— how the tables have turned.
bishpa on
It is absolutely key that whenever the topic of taxes comes up, we need to make it unavoidably clear that the topic simply can not in any way be detached from the conjoined topics of revenue for the national treasury and deficits and debt that will be left for our children to pay (somehow). Taxes are good. Taxes are proper and responsible. Cutting taxes is irresponsible and plainly unfair to later generations.
Terrible_turtle_ on
do it!
BlurryRogue on
Almost like DOGE is looking for $$$ in all the wrong places, not that money was necessarily the goal all along
smitherenesar on
Just having a stable government and financial system would do that. Instead this instability will lead to massive deficits
shouldazagged on
How the hell is a millionaire going to become a billionaire if you start taxing them? Isn’t anyone thinking of the yacht industry?
Happy-go-lucky-37 on
They mispelled billionaire.
gman757 on
Can we tax the billionaires too so we can make that a trillions and put it towards our national debt?
Secure_Plum7118 on
If we’re talking about impossible bills, then we should at least start with campaign finance reform.
KaleLate4894 on
The extended tax cuts were 450 billion a year
KaleLate4894 on
It was all Reagan that started the decline and inequity
He dropped taxes for the rich from 50 percent to 28.
Worst president ever.
Lost_Drunken_Sailor on
Some poor bastard who makes nothing in the Deep South: HELL NO, SOCIALISM!
dakotanorth8 on
My right leaning friend still thinks the US is going to get rid of income tax 😭😭😭
lithiun on
Millionaires aren’t *necessarily* the ones that need to be taxed more. Shit, half the folks that own any property are technically millionaires these days. It’s the hundreds of millionaires and billionaires that need to be taxed more.
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From Bloomberg News reporters [Erik Wasson](https://www.bloomberg.com/authors/AR59NaVzr6k/erik-wasson) and [Nancy Cook](https://www.bloomberg.com/authors/AVESZltColA/nancy-cook):
A Republican proposal to impose a tax hike on millionaires offers to generate about $400 billion over a decade, according to two new estimates provided to Bloomberg News, providing fresh revenue to partially offset the cost of the party’s multi-trillion-dollar tax package.
The Budget Lab at Yale projects that taxing income over $1 million at a 40% rate would generate $420 billion over a decade. The [Tax Foundation](https://www.bloomberg.com/quote/1217769D:US) in its own preliminary analysis finds that the new bracket would raise $358 billion over the same 10-year period, according to Garrett Watson, the director of policy analysis for the think tank.
Too bad the government is set up so it is controlled by millionaires and billionaires. Don’t see this happening as amazing as it would be.
Now just imagine what would happen if billionaires actually paid their taxes
This is why we need to be taxing wealth. Taxing income isn’t enough; the 400 billion is great but 40B a year over a decade doesn’t really do anything.
I definitely support raising the top marginal tax rate but where are higher inheritance taxes, capital gains taxes, taxes on people who own massive numbers of properties? In 4 years just people with billion dollar plus net worths had their wealth go up by something like 2 trillion dollars. The math aint mathing here.
Over a decade. $40b per year. .005 of annual spending or 1/2 of 1%.
BLUE STATES must implement a state tax on businesses and individuals who benefit most from Tunt’s tax-cut giveaways.
KEEP THE MONEY BLUE
$400 billion over ten years.
The official US military budget was more than twice that. In 2023 alone. So, with this proposed tax, we can pay for half a year’s military over ten years.
Sounds promising.
This is a decent start, but we need to tax all income over $1 million as ordinary income. Nobody making that much money should be getting tax breaks just because their income comes from long-term capital gains, qualified dividends, or another type of income that receives preferential tax treatment. Also, we need to close the loophole that allows multimillionaires and billionaires to avoid paying taxes by taking out low interest loans with their stock as collateral instead of selling it.
billionaires could end homelessness and hunger in america. they just choose not to, and that’s the crazy part to me. you could easily just end a crisis and you just *dont*
Would but it’s never going to happen.
Wealthy people would rather flush $400 billion down the toilet than contribute $40 billion to society. They’re parasites. It’s why they’re wealthy in the first place.
We should do that
Millionaires, but not billionaires I’m guessing.
People with 1,000,000 vs
People with 1,000,000,000. Such a massive difference, and they are talking about ignoring the literal 1000x bigger problem than millionaires.
That’s going off one one billion, and we have hundred billionaires.
This ignores the problem, as usual. Millionaires can be greedy, but are more likely to own local businesses compared to mega corps owned by billionaires.
Now I know that there are more millionaires than billionaires but;
If 1 million = 400 billion
1 billion = 400 trillion???
Instead of going after the upper middle class, we should go after the billionaires.
A dentist who makes 200k a year and has a net worth of 1m is not anyone’s enemy.
That’s why we’re already taxing foreign millionaires with the tariffs! /s
not this idea again. it never progresses and wont be put into place effectively. go after the billionaires. you have a wealth gap among the wealthy
I don’t even have to read the article to tell you that nothing that could be accurately described as a “ millionaire tax” has any chance of becoming a reality.
Queue very opinionated dorks making less than 60k to argue it wouldn’t be enough to cover the government so we should actually just eliminate taxes altogether.
UPW: [Trump’s Millionaire Tax Would Generate About $400 Billion in Revenue – Bloomberg](https://archive.is/GBJnw)
I’m not smart enough to answer this, have they ever done the math on how much it would cost for free healthcare here?
But then they’d be so sad.
It won’t ever happen.
So would properly funding the IRS! Maybe do both and get closer to an additional trillion dollars 😝
Do it already…👍
It feels like this whole thing is about to backfire on the billionaires in just an awesome way!! Awareness because of the ineptitude. The fall of our markets due to the same. The public backlash is gaining momentum as all of these folks start waking up to the reality star in the room!!
Arcon would tear this country to pieces if their beloved leaders were even slightly inconvenienced like this.
GOP planning to tax the rich lol 😂— how the tables have turned.
It is absolutely key that whenever the topic of taxes comes up, we need to make it unavoidably clear that the topic simply can not in any way be detached from the conjoined topics of revenue for the national treasury and deficits and debt that will be left for our children to pay (somehow). Taxes are good. Taxes are proper and responsible. Cutting taxes is irresponsible and plainly unfair to later generations.
do it!
Almost like DOGE is looking for $$$ in all the wrong places, not that money was necessarily the goal all along
Just having a stable government and financial system would do that. Instead this instability will lead to massive deficits
How the hell is a millionaire going to become a billionaire if you start taxing them? Isn’t anyone thinking of the yacht industry?
They mispelled billionaire.
Can we tax the billionaires too so we can make that a trillions and put it towards our national debt?
If we’re talking about impossible bills, then we should at least start with campaign finance reform.
The extended tax cuts were 450 billion a year
It was all Reagan that started the decline and inequity
He dropped taxes for the rich from 50 percent to 28.
Worst president ever.
Some poor bastard who makes nothing in the Deep South: HELL NO, SOCIALISM!
My right leaning friend still thinks the US is going to get rid of income tax 😭😭😭
Millionaires aren’t *necessarily* the ones that need to be taxed more. Shit, half the folks that own any property are technically millionaires these days. It’s the hundreds of millionaires and billionaires that need to be taxed more.