Potential revenue from taxes on the rich
| Potential revenue, 2024$, billions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | Total | |
| WNI wealth tax proposal | 566 | 730 | 697 | 652 | 597 | 614 | 658 | 706 | 756 | 807 | 6,782 |
| Corporate rate to 35% | 218 | 227 | 235 | 244 | 254 | 263 | 273 | 284 | 295 | 306 | 2,600 |
| Progressive inheritance tax | 91 | 95 | 99 | 102 | 106 | 110 | 114 | 119 | 123 | 128 | 1,088 |
| High-income surtax (10% over $1 million) | 122 | 127 | 132 | 137 | 143 | 149 | 154 | 161 | 167 | 173 | 1,464 |
| Restoration of top marginal rates to pre-Trump level | 30 | 32 | 33 | 34 | 35 | 37 | 38 | 40 | 41 | 43 | 363 |
| Closure of nonrealization loopholes | 29 | 30 | 31 | 32 | 33 | 35 | 36 | 37 | 39 | 40 | 341 |
| Closure of gap in NIIT and SECA tax bases | 25 | 26 | 27 | 28 | 29 | 30 | 32 | 33 | 34 | 35 | 300 |
| International corporate tax reforms | 42 | 44 | 45 | 47 | 49 | 51 | 53 | 55 | 57 | 59 | 500 |
| Investments in IRS enforcement | 118 | 123 | 128 | 133 | 139 | 144 | 150 | 156 | 162 | 168 | 1,423 |
| Total | 1,241 | 1,433 | 1,427 | 1,410 | 1,385 | 1,433 | 1,509 | 1,589 | 1,674 | 1,760 | 14,861 |
| Total, 30% discount | 869 | 1,003 | 999 | 987 | 969 | 1,003 | 1,056 | 1,112 | 1,171 | 1,232 | 10,403 |
| GDP | 30,441 | 31,641 | 32,841 | 34,078 | 35,378 | 36,739 | 38,151 | 39,627 | 41,154 | 42,728 | 362,778 |
| Potential revenue, % of GDP | |||||||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | Average | |
| WNI wealth tax proposal | 1.9% | 2.3% | 2.1% | 1.9% | 1.7% | 1.7% | 1.7% | 1.8% | 1.8% | 1.9% | 1.9% |
| Corporate rate to 35% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |
| Progressive inheritance tax | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| High-income surcharge (10% over $1 million) | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% |
| Restoration of top marginal rates to pre-Trump level | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| End of step-up in basis on gifts/bequests/collateralization | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Closure of gap in NIIT and SECA tax bases | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| International corporate tax reforms | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Investments in IRS enforcement | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% |
| Total | 4.1% | 4.5% | 4.3% | 4.1% | 3.9% | 3.9% | 4.0% | 4.0% | 4.1% | 4.1% | 4.1% |
| Total, 30% discount | 2.9% | 3.2% | 3.0% | 2.9% | 2.7% | 2.7% | 2.8% | 2.8% | 2.8% | 2.9% | 2.9% |
Note: Sources and analysis as described in text.