13 MAY 2025 / ACCOUNTING & TAXES

Will a New Millionaire Tax Generate $400 Billion in Revenue?

Summary

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President Donald Trump has proposed increasing taxes on individuals earning at least $2.5 million annually, abandoning typical Republican tax policy in an effort to provide middle-class tax relief. Despite Trump's warnings that this move would cause a "wealth exodus" from the US, the proposal signals that even long-established tax positions may now be negotiable and has prompted extensive discussion in Capitol Hill.

In a surprising pivot, President Donald Trump is now urging lawmakers to raise taxes on the ultra-wealthy. His proposal includes reinstating a 39.6% top tax rate for individuals earning at least $2.5 million (or $5 million for couples) and eliminatin...

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