Millionaire Tax Proposal Could Generate $400 Billion
A recent Republican proposal suggests a tax hike on millionaires, aiming to generate roughly $400 billion over ten years. This revenue injection is intended to partially offset the costs of the party’s substantial tax package. Interestingly, independent analyses show varied but substantial potential returns.
Two separate estimates have been produced, offering a range of possible revenue generation. One projection, from the Yale Budget Lab, suggests a 40% tax rate on income exceeding $1 million would yield $420 billion over a decade. Another analysis, from the Tax Foundation, presents a slightly lower figure of $358 billion for the same period. While differing slightly, both figures emphasize the significant potential revenue.… Continue reading
Matt Underwood