Republican Millionaire Tax would generate $400 billion

And then they lowered them to 15%. And it's now really 23.8%. it wouldn't make much of a difference if they put it up 28%

 

Plenty of the professional class are millionaires. A million dollar net worth is a dime a dozen in 2025.

Wake me up when Trump says he'll tax the billionaires (or atleast 100M net worth like Harris).

 

I want Ike's tax rates reinstalled.

DD

 

400 billion over 10 years taken from the millionaire class vs 5 TRILLION mostly going to the billionaire class and being added to our deficit is just laughable.

It’s almost like this was added for propaganda purposes.

And also because we all know the billionaire class secretly hates the millionaire class because it reminds them that some of the people who make millions actually have talent and possess skills they do not have.

 

I make most of my wealth via capital gains and obviously love the lower rate. But, I also think it is kind of odd to say we need to have lower capital gains tax rates to incentivize investment for a couple of reasons:

a) Shouldn't we equally incentivize people to work too? In a population where most folks have little investments in stocks outside of tax sheltered accounts, this really does benefit a lot less people than it always sounds like?

b) In all my years of investing (private equity 20 years ago), we never really looked at tax rates. They were a math entry (for the income tax on whatever company we were buying, never for the capital gains to the investors), but at the end of the day, it was all about how much we could make. People aren't going to say, let's not make money on investments b/c we have to pay more tax

c) That said, investment does take risk (vs W-2 income), so I've moved on from my original thought that capital gains should match the income tax rates - but they should definitely be up from 20% (or 23.8% for some) - to probably 28% or 30% - primarily because of point A.

Anyway, as pointed out, this is all a shuffle game since the tax cuts would be much larger than this increase....the tax cut really benefits business owners and changing the top bracket would impact W-2 folks.

 

Capital flight is a real thing. Cali lost so much revenue from it because all they do is tax the super wealthy and fritter away surpluses without holding anything accountable.

I suspect most wealthy people would stay if we had plans for a balanced budget along with a higher progressive tax rate regime, but it's highly likely any one of worth or their money mgrs already have some offshore scheme in place.

Trump's plan (if there was one) is to recapitalize the US with more investment from abroad but his attitude and temperament in the last 100 days has done the exact opposite. I doubt he'll raise taxes on the "successful job creators".

 

It takes an entire generation (20 years) to steer the titanic away from the iceberg (or in this case, straight into the iceberg). Our very best measuring stick doesn't exceed 4 years (1 presidential term) and we stop measuring after 100 days from a generation that has the attention span of a single netflix episode.

 

Netflix might accelerate our collective adhd, but the election system is purely short term minded starting with the 2 yr cycle for Representitives.

The system has effectively given Trump one year to do anything carte blanche, another year to clean up breakages for midterms, and the last two years containing an ornery congress from rejecting his lame duck plays. It would make sense to pretend there's a third term in play even if he's not too worn out to pull off some autarky scheme.

Meanwhile the CCP has 5,10,15,20 yr plans even before Xi declared himself president for life.

 

Yeah, well, it doesn't sound like the party of the people's going through with this.

https://nypost.com/2025/04/23/us-ne...onaire-tax-to-fund-big-beautiful-agenda-bill/

 

And he states his reasons for being against the tax is that it would be politically dangerous, the public may not find it acceptable (though he personally wouldn't mind paying more, of course), and a lot of millionaires would leave the country because "transportation is so quick."

Way to stick up for the people, Trump!

https://thehill.com/business/5267058-donald-trump-time-magazine-millionaire-tax-hike/

 

But Trump said. So, 43% of republicans will magically change their minds.

 

Basically, he's saying the same thing, that he would go through with this tax were it not for the bad political optics.
Not exactly an argument I'd expect the leader of the party of the people to make.

"Listen, you know I'd love to help out the little guys, but, you know, elections."

 

Trump won’t raise taxes on millionaires because it could cost him an election… but he will start a global trade war with massive tariffs and push and pass massive tax cuts for the ultra wealthy -

 

It's fascinating how merely plunking Trump's name in front of an idea (that he would probably never do and that has been a major pillar of democrat platform for decades) gets magas to fall in line. Real mystery why they get called cult members.

 

Steve Bannon again claiming there will be a Constitutional crisis this summer and that Trump will ultimately get his way with the SCOTUS and serve another term in 2028.

 

There will be blood.