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Leaders say 9.9% tax on millionaires is core concept; mechanics, timing still under development
Summary
Asked about a proposed 9.9% tax on income above $1,000,000, leaders said they have agreement on mechanics but are awaiting draft language and stakeholder review; they said revenue would likely be used to reduce regressive taxes and support working families, while some leaders stressed cuts and transfers are the immediate tool for the 2025–27 budget.
Lawmakers at a leadership media availability described the broad contours of a proposed progressive income tax that would impose a 9.9% rate on adjusted gross income above $1,000,000 while excluding capital gains, but they said concrete drafting and stakeholder review remain to come.
Speaker 9 asked whether there is consensus among leaders on the bill’s basic elements. Speaker 7…
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