- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Millionaire Tax Would Generate About $400 Billion in Revenue
Posted on 4/21/25 at 2:27 pm
Posted on 4/21/25 at 2:27 pm
LINK
quote:
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 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.
quote:
Lawmakers are slated to return to Washington next week following a two-week recess, with their top priority crafting a package to renew Trump’s 2017 cuts for households and closely held businesses. They’re also discussing new priorities, including ending taxation on overtime pay and new tax breaks for seniors and car buyers. No taxes on overtime pay would cost at least $680 billion over ten years, according to the Tax Foundation.
The Senate has deployed an accounting gimmick so that the $3.8 trillion cost of extending Trump’s first-term tax cuts counts as $0 for budgeting purposes. But Republicans have a strict $1.5 trillion revenue limit for any new reductions, putting pressure on them to scale back some of their ideas or find revenue offsets — such as the millionaire bracket — to pay for new tax breaks.
Trump has indicated he is open to higher taxes on the wealthiest Americans, but not all Republicans are convinced it’s a good idea. The concept of higher levies on top earners runs counter to years of Republican orthodoxy.
House Majority Leader Steve Scalise has pushed back, saying they oppose any rate increase. Iowa Senator Chuck Grassley told constituents at a town hall last week that an increase in the top rate is slated to be discussed in the Senate Finance Committee, but added “that doesn’t mean it’s going to happen.”
35
Posted on 4/21/25 at 2:29 pm to Major Dutch Schaefer
quote:
40% rate
lawd
quote:
decade
A million a year will be minimum wage at the rate inflation is going.
This post was edited on 4/21/25 at 2:30 pm
Posted on 4/21/25 at 2:31 pm to Major Dutch Schaefer
quote:
40% rate
Frick that. We should never allow the government to tax anyone at that rate. Why would I ever trust The Swamp with our money ever again?
GOP needs to focus on spending less, period.
Posted on 4/21/25 at 2:32 pm to Major Dutch Schaefer
That "revenue" would be more useful in the economy (spent, invested, saved) than in the hands of the federal government.
Posted on 4/21/25 at 2:35 pm to Major Dutch Schaefer
quote:
taxing income over $1 million at a 40% rate would generate $420 billion over a decade
We revolted, fought a long war for independence, lost 25,000 brave souls, and birthed the most powerful nation Earth has ever seen over a 3% tax.
Posted on 4/21/25 at 2:35 pm to Major Dutch Schaefer
Say hello to the slippery slope and how the Right moves to the Left.
Posted on 4/21/25 at 2:36 pm to jrodLSUke
The feds alone are spending $6.5 trillion a year - basically a fifth of our total GDP - and they are wasting time on the revenue side?
Only way I would be in favor of any tax increase on anyone is if spending is cut in half. Congress agrees to cult spending in half then we can raise $400 billion over 10 years on the backs of millionaires.
Only way I would be in favor of any tax increase on anyone is if spending is cut in half. Congress agrees to cult spending in half then we can raise $400 billion over 10 years on the backs of millionaires.
Posted on 4/21/25 at 2:45 pm to Major Dutch Schaefer
quote:
They’re also discussing new priorities, including ending taxation on overtime pay and new tax breaks for seniors and car buyers. No taxes on overtime pay would cost at least $680 billion over ten years, according to the Tax Foundation.
quote:
Trump has indicated he is open to higher taxes on the wealthiest Americans, but not all Republicans are convinced it’s a good idea. The concept of higher levies on top earners runs counter to years of Republican orthodoxy.
Gonna be interesting to see what actually makes it into the new budget and which camp wins here.
Posted on 4/21/25 at 2:47 pm to jrodLSUke
quote:
President Donald Trump expressed openness to a new tax on millionaires to offset the cost of his legislative agenda, according to two sources familiar with the matter.
In a meeting last week with Senate Budget Committee Republicans, Trump was receptive to allowing the top marginal tax rate to revert back to 39.6%, where it was before he signed his 2017 tax cuts into law.
This is why.
Posted on 4/21/25 at 2:48 pm to Major Dutch Schaefer
quote:
A Republican proposal to impose a tax hike on millionaires offers to generate about $400 billion over a decade,
What is this "over a decade" bullshite?
so $40 billion a year
i.e. nothing
Posted on 4/21/25 at 2:48 pm to JimEverett
quote:
The feds alone are spending $6.5 trillion a year - basically a fifth of our total GDP - and they are wasting time on the revenue side?
Yep. That 40 billion per year would cover around 2.5 days' worth of spending.
Posted on 4/21/25 at 2:50 pm to Figgy
quote:
Say hello to the slippery slope and how the Right moves to the Left.
Been happening for years. There will be no meaningful cuts, just more spending.
Posted on 4/21/25 at 2:51 pm to TigeeDaleC
quote:
That "revenue" would be more useful in the economy
quote:
saved
Lol
Posted on 4/21/25 at 2:51 pm to JimEverett
It’s complete nonsense for them to suggest higher taxes. Not a revenue problem, they need to cut welfare and entitlements.
Posted on 4/21/25 at 2:51 pm to Major Dutch Schaefer
The more you make, the less the government should take!
Posted on 4/21/25 at 2:51 pm to Major Dutch Schaefer
It's already ridiculous that couples making 400K+ are hitting 35-37%.
It's just absurd as is. I don't think the constant drum beat of tax cuts needs to be the central theme of the new right, but at the same time, we need tax fairness and it's already insane.
It's just absurd as is. I don't think the constant drum beat of tax cuts needs to be the central theme of the new right, but at the same time, we need tax fairness and it's already insane.
Posted on 4/21/25 at 2:52 pm to Major Dutch Schaefer
frick that.
We don't have an income problem. We have a spending problem.
We don't have an income problem. We have a spending problem.
Posted on 4/21/25 at 2:53 pm to Major Dutch Schaefer
A drop in the bucket from what DOGE can save the nation.
Cut taxes instead. Just focus on fraud and waste.
Cut taxes instead. Just focus on fraud and waste.
Posted on 4/21/25 at 2:54 pm to Pettifogger
quote:
It's already ridiculous that couples making 400K+ are hitting 35-37%.
If we're honest, the top 10% pretty much pay for everything in this country.
Posted on 4/21/25 at 2:54 pm to Major Dutch Schaefer
Anyone proposing our government be able to steal more of our money should be immediately ignored for the rest of their existence.
Page 1 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News