Republican proposal to hike tax on millionaires to generate $400 bn

Quick Summary:

Lawmakers like North Carolina’s Thom Tillis have said they are open to the millionaire bracket, but want to include some carveouts for business income.

That would affect 75,000 taxpayers, compared to 650,000 taxpayers who would see their taxes rise if the 40 per cent rate applied to income starting at $1 million.

No taxes on overtime pay would cost at least $680 billion over ten years, according to the Tax Foundation.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: BusinessFinance

Markets: India

Topics: Millionaires Tax hike US senate Republican Tax plan Millionaires tax regime

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-22 @ 09:06:01 (12 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 660 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 28128715

View Article Analysis

About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 247 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #49

Publisher Details

Frequently Asked Questions