US EditionTrump considers tax hike on Americans making $2.5 million or more per year: Report
- President Donald Trump instructed House Speaker Mike Johnson last month to raise the top income tax rate for individuals earning $2.5 million or more in the United States.
- This directive followed growing pressure from Trump's MAGA base and advisers, contrasting with the mainstream Republican opposition and Trump's own earlier public statements against raising taxes on millionaires.
- The proposed increase would raise the top rate from the current 37 percent to 39.6 percent, affecting joint filers earning $5 million and individuals at $2.5 million and above, as part of a broader budget bill seeking to extend the 2017 tax cuts and enact social program reforms.
- Key Republicans such as Senator Josh Hawley support limited tax hikes on the wealthy, but most GOP lawmakers, including House Speaker Johnson and Senator Ron Johnson, strongly oppose the change, fearing disruption and increased national debt.
- Trump's reversal complicates delicate negotiations within the Republican Party, potentially undermining efforts to finalize the budget reconciliation bill that aims to balance significant spending cuts with tax policy extensions before the May 26 Memorial Day deadline.
95 Articles
95 Articles
Trump says he would accept tax increases for rich, but admits GOP 'probably should not do it'
The president reportedly reached out to House Speaker Mike Johnson about the idea earlier this week that would raise the tax rate on individuals making at least $2.5 million annually by 2.6%, from 37% to 39.6%.
Trump Presses Johnson to Raise Taxes on Wealthy for Budget Bill: Reports
by Natalia Mittelstadt President Trump is reportedly pressing House Speaker Mike Johnson to raise taxes on the wealthy for the Republicans’ budget bill. Trump talked to Johnson privately on Wednesday about the tax increase and closing the so-called “carried interest loophole,” according NBC News, based on what the outlet said was multiple sources. The carried interest loophole is the tax break for carried interest on assets held for more than …
‘Republicans should probably not do it’: Trump waffles on tax hikes for the rich
President Donald Trump’s position on raising taxes for wealthy Americans has changed, causing confusion within the Republican Party. At first, he supported increasing taxes on people making more than $2.5 million per year and married couples making more than $5 million, suggesting a possible tax rate increase from 37% to 39.6%. This idea, along with closing the carried-interest loophole that benefits Wall Street investors, was discussed as a way…
Trump: "If the Republicans in Congress raise taxes for the rich, that's okay for me." That's what's behind it.
As from indiscretions of which the Fattoquotidiano.it has taken into account in the past weeks, Donald Trump has officially opened to the possibility of an increase in taxes for the richest taxpayers, writing on Truth that he and others would accept it gracefully to help the workers on average and low income. An increase even tiny, he wrote immediately after, he would offer shore to the Democratic Crazies of the radical left to attack him by pul…
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