NOT FOR REPRINT
Trump Says Millionaire Tax Would Push Wealthy to Leave the U.S.
News April 23, 2025 at 06:00 PM
Share & Print
What You Need To Know
- Some Republicans are open to raising levies on top earners to help pay for other pieces of Trump’s agenda.
- They also see it as a way to defuse attacks that the party is cutting services for the poor to pay for tax cuts for the rich.
- A 40% tax rate on income over $1 million could generate some $400 billion in revenue over the next decade.
Immediate Answers to Critical Tax Questions At Your Fingertips
Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.
Get More InformationRecently Added Q&As
Recently Updated Q&As
What is the temporary “senior deduction” deduction for taxpayers age 65 and over?
Get Answer
Recently Updated Q&As
What is the temporary deduction for auto loan interest?
Get Answer
Recently Updated Q&As
What is the temporary deduction for overtime income?
Get Answer
Recently Updated Q&As
What is the temporary deduction for tip income?
Get Answer
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)?
Get Answer
Recently Updated Q&As
Who must file a return?
Get Answer
Recently Updated Q&As
Can a taxpayer deduct business-related transportation expenses incurred when the taxpayer is not travelling away from home on business?
Get Answer