It's 100k a year. H1B are normally valid for 3 years, so that's where the 300k comes from. The $1M figure is for the "Trump Gold Card" visa, which is unrelated to the H1B program.
This is simply going to push people away from coming to the US and we will see more and more robust tech competition with laws like this. Like them or hate them H1B visas are a major brain drain on all of the nations the US wants to compete with which is good for us not bad. Tech workers are not hurting in the salary department.
"Reuters was not immediately able to establish how the fee would be administered. Lutnick said the visa would cost $100,000 a year for each of the three years of its duration but that the details were "still being considered.""
"Lutnick said on Friday that "all the big companies are on board" with $100,000 a year for H-1B visas. "We've spoken to them," he said."