Millionaire Tax Would Generate About $400 Billion in Revenue
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.
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President Donald Trump stands while greeting first responders as he observes flood damage in Kerrville, Texas, Friday, July 11, 2025 President Donald Trump stands while greeting first responders as he observes flood damage in Kerrville, Texas, Friday, July 11, 2025 AP The post—lengthy, defensive, and directed at his own base—appears to have backfired. According to public engagement data archived from Truth Social, the post has garnered more than 36,000 replies, compared with nearly 11,000 re-truths (the platform's term for shares) and 32,000 likes as of 10:45 a.m. ET Sunday. Why It Matters The backlash on Truth Social reflects growing internal division among MAGA supporters, many of whom have spent months anticipating revelations from the so-called "Epstein Files." Unlike mainstream social media platforms, Truth Social was designed as a haven for Trump and his supporters, where engagement overwhelmingly leans positive. 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