US EditionTrump revives, then discards, then revives again the idea of taxing the rich in big GOP bill
- President Donald Trump revived and then abandoned the idea of raising top taxes on millionaires in a major GOP bill in May 2025 in Washington, D.C.
- This followed private and public discussions as Republicans drafted a large tax and spending package, amid warnings tied to the Bush-era 'Read my lips' no-new-taxes pledge.
- Trump has advocated for introducing a new top tax rate targeting individual incomes near $2.5 million, while allowing the existing 37% bracket—which currently applies to single filers earning over $600,000—to expire, a stance that is creating challenges for party cohesion.
- Senator Mike Crapo said he was not excited about the proposal but noted the President's support would be a significant factor, while anti-tax activists led by Gingrich and Norquist oppose increases.
- The on-and-off push for millionaire taxes suggests potential political backlash within the GOP and affects the bill's path toward House votes scheduled near Memorial Day 2025.
140 Articles
140 Articles
Trump’s tax hike on millionaires is back on the table—but experts say it won't make a dent in the ultra-rich
Donald Trump has once again floated a tax hike on people who make several million a year as part of GOP tax negotiations. But the proposal, which cuts against deeply held Republican principles, would do little to ding the runaway incomes of the affluent, tax policy experts say. It also wouldn’t raise much money for the budget deficit. As Republicans in Congress try to negotiate a fiscal policy bill, a decidedly un-Republican concept is back on…
Associated Press News
Tax the rich? Slash spending? Republicans wrestle with economic priorities in the Trump era
The Republican Party is trying to figure out what it stands for in terms of economic policy during the second Trump administration.
'Never before': Trump just took 'even greater control' over 'GOP big money'
In 2024, there were many reasons to see Donald Trump as a liability for the Republican Party. He was facing four criminal indictments — one of which resulted in him being convicted on 34 criminal counts — as well as a range of civil lawsuits. And some well-known conservatives declared that they would be voting Democratic.But Trump's stranglehold on the GOP only grew stronger when he won the GOP presidential nomination and went on to narrowly def…
Rare earths, secret clauses imposed by Trump on Zelensky: Americans who will get rich will not be taxed
Kiev, Parliament's revolt against secret agreements that the tax will not impose any levy on any American who should make money with lithium, graphite, cobalt, uranium, titanium, rare earths, natural gas, oil or gold from Ukraine
Coverage Details
Bias Distribution
- 60% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
